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).