Senate Holds Hearing on Incorporation Transparency and Law Enforcement Act

Sen Joe Lieberman chaired the second Committee hearing on S. 569, the Incorporation Transparency and Law Enforcement Assistance Act. Senator Lieberman explained that Senators Levin, McCaskill, and Grassely introduced it. The bill seeks to increase the transparency of entities to reduce the incidence of fraud by entities. The Committee’s Permanent Subcommittee on Investigations has done much of the preparatory work on the bill. Sen. Lieberman explained that, while states require minimal information, most states allow beneficial owners of entities to remain anonymous. S. 569 endeavors to set minimum state standards for initial information and changes thereafter. Others say the information should be balanced against the cost and burden...(more)