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H.R. 2513: Corporate Transparency Act of 2019

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H.R. 2513: Corporate Transparency Act of 2019

116th Congress · introduced 2019-05-03 · Finance and Financial Sector · Latest: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2019-05-03 · official record
  2. Who proposed it: Rep. Maloney, Carolyn B. [D-NY-12] · what a sponsor is
  3. What happened next: 5 recorded votes in our records. Latest: House roll call 573 (2019): On Agreeing to the Amendment, HR2513 (2019-10-22), Agreed to. See all
  4. Where it stands now: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Corporate Transparency Act of 2019

Plain summary

This bill generally addresses the disclosure of corporate ownership and the prevention of money laundering and the financing of terrorism. DIVISION A--CORPORATE TRANSPARENCY ACT OF 2019 Corporate Transparency Act of 2019 This division requires certain new and existing small corporations and limited liability companies to disclose information about their beneficial owners. A beneficial owner is an individual who (1) exercises substantial control over a corporation or limited liability company, (2) owns 25% or more of the interest in a corporation or limited liability company, or (3) receives substantial economic benefits from the assets of a corporation or limited liability company. Specifically, if certain entities apply to form a corporation or limited liability company, they must file beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN). Furthermore, certain existing corporations and limited liability companies must file this information with FinCEN two years after the implementation of final regulations required under this division. The division imposes a civil penalty and authorizes criminal penalties—a fine, a prison term for up to three years, or both—for providing false or fraudulent beneficial ownership information or for willfully failing to provide complete or updated beneficial ownership information. The Government Accountability Office must study and report on (1) the availability of beneficial ownership information for other legal entities (e.g., partnerships), and (2) the effectiveness of incorporation practices implemented under this division. DIVISION B--COUNTER ACT OF 2019 Coordinating Oversight, Upgrading and Innovating Technology, and Examiner Reform Act of 2019 or the COUNTER Act of 2019 This division generally revises requirements related to anti-money-laundering and counter-terrorism-financing laws. Among other things, the division establishes new offices within financial regulatory agencies related to privacy and civil liberties; creates programs within the Department of the Treasury to enable foreign and domestic outreach regarding these laws; allows for increased information sharing between law enforcement, financial institutions, and financial regulators; and revises whistleblower incentives related to actions brought by FinCEN. The division also increases penalties for violations of anti-money-laundering and counter-terrorism-financing laws, requires antiquities dealers to comply with these laws, and requires the reporting of beneficial ownership information to FinCEN in certain commercial real estate transactions. Every five years, Treasury must update the threshold amounts for currency transaction reports to reflect inflation.

Congressional Research Service summary (Passed House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Corporate Transparency Act of 2019

Source: Congressional Research Service summary (Passed House)

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The strongest published arguments

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Maloney, Carolyn B. [D-NY-12] · 10 cosponsors

Cost estimate: CBO cost estimate: H.R. 2513, Corporate Transparency Act of 2019 (2019-09-12)

Cosponsors on this site

Donald S. Beyer, Jr. (D-VA), Gregory W. Meeks (D-NY), Emanuel Cleaver (D-MO), Marcy Kaptur (D-OH), Lisa Blunt Rochester (D-DE), Brad Sherman (D-CA)

Recorded votes

Words on this page, explained (2)
Bill
A proposed law. It becomes law only if it passes the legislature and is signed by the president or governor (or a veto is overridden).
Rulemaking
The process agencies use to write regulations that carry out laws passed by Congress or a legislature. Usually an agency publishes a proposed rule, takes public comments, then publishes a final rule.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong116-hr2513 · catalog fed-us-congress-bills-cong116 · updated 2026-11-15 by psicol fed-bills-cong116