riponadvance.com: https://riponadvance.com/stories/capito-supports-gop-bill-to-restrict-reporting-of-beneficial-ownership-information/

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Subject: C001047
Source: GDELT news · original
Published: Wednesday, May 20, 2026

Capito supports GOP bill to restrict reporting of beneficial ownership information - Ripon Advance Tuesday, May 19th, 2026 Home News by Member About Us Contact Us Search Articles Home » Capito supports GOP bill to restrict reporting of beneficial ownership information Capito supports GOP bill to restrict

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Capito supports GOP bill to restrict reporting of beneficial ownership information - Ripon Advance Tuesday, May 19th, 2026 Home News by Member About Us Contact Us Search Articles Home » Capito supports GOP bill to restrict reporting of beneficial ownership information Capito supports GOP bill to restrict reporting of beneficial ownership information By Ripon Advance News Service &#124; May 19, 2026 U.S. Sen. Shelley Moore Capito (R-WV) recently joined nine of her Republican colleagues to introduce legislation that would end a small business mandate that keeps Americans’ personal information out of a U.S. Treasury Department database. “I’m proud to support this legislation that reins in unnecessary data collection and puts U.S. small businesses’ privacy first,” Sen. Capito said on May 15. S. 4419, which U.S. Sen. John Kennedy (R-LA) sponsored on April 28 alongside nine original cosponsors, including Sen. Capito, would amend U.S. Code to require only foreign entities to report beneficial ownership information. “For too long, hard-working Americans — including many West Virginians — have faced overly broad reporting requirements that do little to enhance security while also exposing their sensitive personal information,” said Sen. Capito. “This bill takes a targeted, responsible approach that ensures oversight efforts are focused where they matter most, while lifting an undue burden.” Under 2021’s Corporate Transparency Act, the federal government began mandating the collection of certain individuals’ beneficial ownership information, including small business owners’ full legal names, dates of birth, addresses, and unique identifying numbers. The Treasury Department’s Financial Crimes Enforcement Network (FinCEN) ultimately found these reporting requirements to be “overly onerous and intrusive for small businesses,” according to a bill summary provided by Sen. Capito’s staff. By March 2025, FinCEN issued a rule narrowing the scope of the data collection to foreign reporting companies, thereby pausing the collection of many Americans’ data. If enacted, S. 4419 would provide the same protections. In addition to Sen. Capito, original cosponsors of S. 4419 include U.S. Sen. Marsha Blackburn (R-TN). Post navigation &larr; Previous Article Next Article &rarr; This entry was posted by Ripon Advance News Service . Bookmark the permalink . More Stories About --> RECEIVE WEEKLY NEWSLETTER Please leave this field empty Please review our Privacy Policy before submitting. Check your inbox or spam folder now to confirm your subscription. Latest from Ripon Society Most Read Last 7 Days Daines, Newhouse celebrate enactment of law to construct more hydropower projects Yakym sponsors bipartisan bill to nix taxes on RVs Joyce, Valadao applaud House approval of bipartisan bill to fight organized retail crime Emmer-hosted roundtable gives law enforcement a platform to voice concerns No Delays in Disaster Relief Act sponsored by Letlow Kim leads House Foreign Affairs Com

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