S. 5631, titled the "Ownership Clarity Act," seeks to modify title 31 of the United States Code to make certain beneficial ownership information accessible. This bill would allow financial institutions, or entities assisting them, to obtain an access license for this...
Simple Explanation
The Ownership Clarity Act is a plan to help certain people check who really owns things, like businesses, to make sure everything is safe and fair. They can only look at this information to prevent bad things like financing bad activities, and they have to ask permission and follow rules to do so.