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Sen. Levin Will Try to Roll Beneficial Ownership Provisions into Financial Reform Bills
By Colby Adams
printThe head of a powerful U.S. Senate panel is pushing to include new corporate transparency measures as part of broader financial reform legislation, according to former and current staffers. Sen. Carl Levin (D-MI), chairman of the Permanent Subcommittee on Investigations introduced some of the proposed regulations in the Incorporation Transparency and Law Enforcement Assistance Act (ITLEA). The bill would require individuals forming U.S. corporations to disclose the names of the companies' beneficial owners, defined as any individual exercising "a level of control over…the funds or assets of a corporation or limited liability company." Levin's bill, which is facing significant opposition...
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