​Maloney Speaks in Favor of Corporate Transparency Amendment

Jul 20, 2020
Press Release

Washington, DC — Congresswoman Carolyn B. Maloney (D-NY) today spoke on the House floor in favor of an en bloc amendment to H.R. 6395, the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 which includes her bill, H.R.2513, the Corporate Transparency Act of 2019.

The House passed H.R. 2513 by a bipartisan vote of 249-173 on October 22, 2019. The Corporate Transparency Act would require companies to disclose their true, beneficial owners at the time the company is formed to prevent bad actors from using anonymous shell companies to thwart law enforcement and hide their illicit activities. 

As the Congresswoman said on the House floor today, this bill “would plug a huge hole in our national security defenses. It would also be the single most important anti-corruption reform in decades.”

Full text of the Congresswoman’s floor speech, as prepared for delivery, are below. A video can be found here.

“Thank you, Mr. Chairman. I rise today in support of this amendment, which contains my bill to crack down on terrorism financing and the illicit use of anonymous shell companies, called the Corporate Transparency Act.

“This is one of the most pressing national security problems we face in this country, because anonymous shell companies are the vehicle of choice for money launderers, criminals, and terrorists.

“Unfortunately, the U.S. is the world’s capital of anonymous shell companies, because no state in the U.S. currently requires companies to name their true, beneficial owners.

“My bill would solve this by requiring companies to disclose their true, beneficial owners to the Financial Crimes Enforcement Network, or FinCEN, at the time the company is formed.

“The information would only be available to law enforcement and financial institutions, so they can comply with their ‘Know-Your-Customer’ rules, which were strengthened after 9/11.

“I’ve been working on this bill for over 10 years, and it would plug a huge hole in our national security defenses. It would also be the single most important anti-corruption reform in decades.

“I want to thank Chairwoman Waters for her steadfast support for this bill, as well as Congressman Cleaver, and my Republican partners on this bill, Peter King and Blaine Luetkemeyer.

“This bill has the support of over 130 good-government NGOs, the entire law enforcement community, the financial industry, and the real estate industry.

“I urge a yes vote, and I yield back.”

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