Home Stock President Biden's budget request includes funding to build a database of company...

President Biden’s budget request includes funding to build a database of company ownership

An arbitrary budget request made by the Biden administration included a substantial increase for a U.S. Treasury Department unit tasked with building a complex corporate title registrar.

The White House request, announced Friday, seeks to provide an additional $ 64 million to the Financial Crime Enforcement Network, or FinCEN, for the purpose of building a database, aimed at helping officials charge against anonymous companies and track illegal cash flows.

This would bring FinCEN’s budget to $ 191 million, about 50% more than the unit’s enacted budget for the previous fiscal year.

The increase will help address gaps in financial reporting requirements that undermine corporate accountability and allow nefarious parties to evade scrutiny, the White House said.

An expanded version of this report is available at WSJ.com.



Please enter your comment!
Please enter your name here

Most Popular

Recent Comments