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For Immediate Release
June, 10 2019, 12:00am EDT
Contact:
Bipartisan Group of Senators Unveil Draft Anti-Money Laundering, Ownership Transparency Bill
House Committee to Vote on Corporate Transparency Act Tuesday
WASHINGTON
A bipartisan group of four U.S. senators unveiled draft legislation to update federal anti-money laundering laws and end the incorporation of anonymous companies in the U.S. on Monday, as House lawmakers prepare to vote on their own bipartisan proposal to address the abuse of anonymous companies on Tuesday.
Titled the Improving Laundering Laws and Increasing Comprehensive Information Tracking of Criminal Activity in Shell Holdings (ILLICIT CASH) Act, the Senate discussion draft is co-sponsored by Senators Mark Warner (D-VA), Tom Cotton (R-AR), Doug Jones (D-AL), and Mike Rounds (R-SD), who all sit on the key Senate Committee on Banking, Housing, and Urban Affairs.
The draft was unveiled one day before the House Committee on Financial Services is scheduled to vote on the bipartisan Corporate Transparency Act of 2019 (H.R.2513), which would require companies to disclose their true (i.e. beneficial) owners when they incorporate and keep their ownership information up to-do-date.
Gary Kalman, the executive director of the Financial Accountability and Corporate Transparency (FACT) Coalition, issued the following statement:
"Today's release of draft legislation aptly named the ILLICIT CASH Act demonstrates that bipartisan, consensus solutions are within reach to address some historically difficult problems threatening our national security and the integrity of our financial system.
"The draft offers a series of creative and cost-effective steps to combat a range of money laundering problems and rein in abuses associated with anonymous shell companies. The bill section designed to stop the formation of U.S. corporations with hidden owners is especially important.
"Anonymous companies provide cover for the criminal and the corrupt to exploit gaping loopholes in U.S. safeguards against money laundering. These entities serve as fronts for any number of illicit activities including terrorist financing, human trafficking, sanctions evasion, arms trafficking, illegal drug sales, and more.
"The combination of a strong U.S. economy, U.S. corporate secrecy, and transparency advancements in other parts of the world makes the United States, increasingly, a magnet for illicit cash.
"A mountain of evidence -- including studies by the World Bank and United Nations, assessments by the U.S.-backed Financial Action Task Force, the experience in ending anonymous companies in the United Kingdom, and our own experience with the Treasury Department's orders to rein in abuses in the real estate market -- confirms what many have long suspected: anonymous entities are the vehicle of choice for criminals to launder money, and transparency can be an effective deterrent.
"This week, the House Financial Services Committee will be voting on its own bipartisan bill to rein in anonymous companies. While there are some differences between the House and Senate approaches to ending anonymous companies, and improvements could be made to both, the draft ILLICIT CASH Act offers a similar path forward to the House's Corporate Transparency Act. After roughly a dozen years of discussions and negotiations, it is exciting to see a bipartisan consensus forming around this approach to preventing U.S. corporations with secret owners from accessing our financial system.
"The FACT Coalition, on behalf of our member organizations, applauds the leadership of Senators Warner, Cotton, Jones, and Rounds to rise above partisanship in the name of safety and security and produce this draft proposal. We look forward to working with them in the coming months to, finally, rein in the abuses of anonymous companies."
The Financial Accountability and Corporate Transparency (FACT) Coalition is a non-partisan alliance of more than 100 state, national, and international organizations working toward a fair tax system that addresses the challenges of a global economy and promoting policies to combat the harmful impacts of corrupt financial practices.
(202) 827-6401LATEST NEWS
'Gutter Racist' Hegseth Blocks Promotion of 'Exemplary' Black and Female Army Colonels
"Today’s news isn’t an anomaly," said leaders of the Democratic Women's Caucus and Congressional Black Caucus, "it is a part of a coordinated and sustained strategy to undermine and erase women and people of color."
Mar 27, 2026
In what's being called an "exceedingly rare" move, US Defense Secretary Pete Hegseth is blocking the promotion of two Black and two female colonels to one-star generals,
The New York Times reported Friday that some senior US military officials are questioning whether Hegseth acted out of animus toward Black people and women after the defense secretary blocked the promotion of the four officers despite the repeated objections of Army Secretary Daniel Driscoll, who touted what the Times called the colonels' "decadeslong records of exemplary service."
Military officials told the Times that Hegseth's chief of staff, Lt. Col. Ricky Buria, got into a heated exchange with Driscoll last summer over the promotion of another officer, Maj. Gen. Antoinette Gant—a combat veteran of the US invasions and occupations of Afghanistan and Iraq—to command the Military District of Washington, DC.
Such a promotion would have placed Gant in charge of numerous events at which she would likely be seen publicly with President Donald Trump. According to multiple military officials, Buria told Driscoll that Trump would not want to stand next to a Black female officer.
Pete Hegseth looked at a list of qualified officers and decided Black leaders and women had to go.That’s not leadership. It’s discrimination in plain sight.And every Republican who stays silent is complicit.
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— Rep. Norma Torres (@normajtorres.bsky.social) March 27, 2026 at 10:10 AM
A shocked Driscoll reportedly replied that "the president is not racist or sexist," an assessment that flies in the face of countless racist and sexist statements by the president, both before and during both of his White House terms.
Buria called the officials' account of his exchange with Driscoll "completely false."
White House Press Secretary Karoline Leavitt declined to discuss the matter beyond saying that Hegseth is “doing a tremendous job restoring meritocracy throughout the ranks at the Pentagon, as President Trump directed him to do.”
Military officials told the Times that one of the Black colonels whose promotion was blocked by Hegseth wrote a paper nearly 15 years ago historically analyzing differences between Black and white soldiers' roles in the Army. One of the female colonels, a logistics officer, was held back because she was deployed in Afghanistan during the US withdrawal whose foundation was laid by Trump during his first term. It is unclear why the two other colonels were denied promotions.
Although more than 40% of current active duty US troops are people of color, military leadership remains overwhelmingly comprised of white men. Hegseth, who declared a "frontal assault" on the "whores to wokesters" who he said rose up through the ranks during the Biden administration, told an audience during a 250th anniversary ceremony for the US Navy that "your diversity is not your strength."
Hegseth has argued that women should not serve in combat roles, although he later walked back his assertion amid pushback from senators during his confirmation process. Still, since Trump returned to office, every service branch chief and 9 of the military’s 10 combat commanders are white men.
Leaders of the Democratic Women's Caucus and Congressional Black Caucus issued a joint statement Friday calling Hegseth's blocking of the four colonels' promotions "outrageous and wrong."
"The claim that Hegseth’s chief of staff told the army secretary Trump would not want to stand next to a Black female officer at military events is racist, sexist, and extremely concerning," wrote the lawmakers, Reps. Yvette Clarke (NY), Teresa Leger Fernández (NM), Emilia Sykes (Ohio), Hillary Scholten (Mich.), and Chrissy Houlahan (Pa.).
"Time and time again, Trump and his administration have shown us exactly who they are—attacking and undermining Black people and women in the military, public servants, and women in power," the congressional leaders asserted. "It is clear they are trying to erase Black and women’s leadership and history."
"Today’s news isn’t an anomaly, it is a part of a coordinated and sustained strategy to undermine and erase women and people of color," their statement said.
"We've long known that Pete Hegseth is an unfit and unqualified secretary of defense appointed by Trump," the lawmakers added. "So it is absurd, ironic, and beyond inappropriate that he of all people would deny these promotions to officers with records of exemplary service. America's servicemembers deserve so much better.”
Sen. Jack Reed (D-RI), ranking member of the Senate Armed Services Committee, also issued a statement reading, "If these reports are accurate, Secretary Hegseth's decision to remove four decorated officers from a promotion list after having been selected by their peers for their merit and performance is not only outrageous, it would be illegal."
"Denying the promotions of individual officers based on their race or gender would betray every principle of merit-based service military officers uphold throughout their careers," Reed added.
Several congressional colleagues weighed in, like Sen. Tammy Duckworth (D-Ill.), a decorated combat veteran who lost her legs when an Iraqi defending his homeland from US invasion shot down the Blackhawk helicopter she was piloting. Duckworth said on Bluesky: "He says he wants to bring meritocracy back to our military. He says he has our warfighters' backs. But here he is, the most unqualified SecDef in history, denying troops a promotion that their fellow warfighters decided they've earned. Hegseth is a disgrace to our heroes."
Other observers also condemned Hegseth's move, with historian Virginia Scharff accusing him of "undermining national security with his racism and misogyny," and City University of New York English Chair Jonathan Gray decrying the "gutter racist" who "should be hounded from public life for the damage he’s caused."
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'Shameful': Trump Threatens to Redirect Student Loan Borrowers to Most Expensive Repayment Plans
More than 7 million borrowers booted from a Biden-era loan forgiveness program will have to quickly switch to a new plan using a system that's been backed up for months.
Mar 27, 2026
After axing a Biden-era student loan repayment program, the Trump administration is threatening to kick its millions of mostly low-income beneficiaries onto the government's most expensive plan unless they switch to a new one quickly.
The Washington Post reported on Friday that the Department of Education was beginning to email the more than 7 million people enrolled in the Saving on a Valuable Education (SAVE) program, telling them they needed to change their plan within the next 90 days.
Around 4.5 million of those borrowers earn incomes between 150% and 225%, allowing them to qualify for zero-dollar monthly payments under SAVE, which the Trump administration effectively killed in December after settling with Republican states who'd brought lawsuits against the program under former President Joe Biden.
Anonymous officials told The Post that those who do not switch plans within three months of receiving the email will automatically be re-enrolled in the Standard Plan. Unlike SAVE, which is income-based, the Standard plan has borrowers pay a fixed rate over 10 years.
Standard typically carries the highest monthly payments, and those transitioning to it from SAVE could pay more than $300 extra per month in some cases, with the poorest borrowers seeing the sharpest increases.
While 90 days may seem like plenty of time to switch to a less expensive repayment plan, it's not nearly that simple.
Due to the large exodus of borrowers, the Department of Education has struggled to process all the forms, processing only about 250,000 per month. Many borrowers who have tried to transition have found themselves waiting months for a reply.
To make matters more confusing, many of these borrowers will have to switch programs again soon, since all but one repayment program will be dissolved on July 1, 2028 as a result of last year's Republican budget law. The remaining plan will also be income-driven, though it is still expected to cost borrowers more each month.
According to a report released last month by the Century Foundation and Protect Borrowers, two groups that support loan forgiveness, nearly 9 million student loan borrowers are in default. During Trump's first year back in office, the student loan delinquency rate jumped from roughly zero to 25%, which it called "precedent-shattering."
"Much of the rise in delinquencies can be linked to the Trump administration’s actions aimed at increasing student loan payments," the report said. “The US Department of Education blocked borrowers from accessing more affordable payments through income-driven plans, having ordered a stoppage in application processing for three months and mass-denying 328,000 applications in August 2025. As of December 31, 2025, a warehouse’s worth of 734,000 applications sat unprocessed.”
Being in default has major ramifications for borrowers' finances. Those with delinquent loans saw their credit scores decrease by an average of 57 points during the first three quarters of 2025, dragging around 2 million of them into "subprime" territory, which forces them to pay thousands of dollars more for auto and personal loans and makes them more likely to have difficulty finding housing and employment.
The report estimated that if those booted from SAVE defaulted at the same rate as other borrowers, the number of student loan borrowers in distress could rise as high as 17 million.
According to Protect Borrowers, the typical family will pay more than $3,000 per year in additional costs as a result of the end of SAVE.
The end of SAVE comes as oil shocks caused by Trump's war in Iran have spiked gas prices and threaten to raise them throughout the economy, adding to the already elevated costs of food, housing, and transportation resulting from the president's aggressive tariff regime.
"In the middle of an affordability crisis driven by Donald Trump," said Sen. Elizabeth Warren (D-Mass.), "Trump is killing a plan that lowers student loan costs. It's shameful."
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With Everyone Looking for Iran War Off-Ramp, Experts Offer 'Exit Plan'
"The United States and Iran are trapped in a conflict in which each new escalation only deepens a shared, losing predicament... Sooner rather than later, both will confront the urgency of finding an off-ramp."
Mar 27, 2026
Multiple reports published in the last two days have indicated that President Donald Trump is seeking to wrap up his illegal war in Iran, which has significantly hurt his domestic political standing—partially by raising gas prices at a time when polls show US voters are primarily concerned about the cost of living.
While ending the Iran war will not be simple, some foreign policy experts believe that it can be done if both the US and Iran truly understand that deescalation is in both nations' best interests.
George Beebe, director of grand strategy at the Quincy Institute for Responsible Statecraft and former director of the CIA’s Russia analysis, and Trita Parsi, executive vice president of the Quincy Institute, have written an essay published on Thursday by Foreign Policy outlining what an achievable Iran "exit plan" would look like.
The authors acknowledged the immense challenges in getting both sides to meet one another halfway, but said this option is preferable to a drawn-out war that will leave both nations poorer and bloodied.
On Iran's side, argued Beebe and Parsi, a deal would involve renewing "its stated commitment to never pursue nuclear weapons," re-opening the Strait of Hormuz to all shipping vessels, and making a commitment "to denominating at least half of its oil sales in US dollars rather than the Chinese yuan."
The US, meanwhile, would "grant sanctions exemptions to countries prepared to finance Iran’s reconstruction" and "would also permit a specified group of states—such as China, India, South Korea, Japan, Turkey, Iraq, and others in the Gulf—to resume trade with Tehran and the purchase of Iranian oil, thereby easing global energy prices."
Beebe and Parsi emphasized that this deal would only be a first step, and they said the next step would be restarting negotiations to establish a nuclear weapons agreement similar to the one previously negotiated by the Obama administration that Trump tore up during his first term.
"The United States and Iran are trapped in a conflict in which each new escalation only deepens a shared, losing predicament," they wrote. "Neither can compel the other’s surrender. Sooner rather than later, both will confront the urgency of finding an off-ramp—one that does not hinge on the other’s humiliation."
Even if Trump takes this course of action, however, there is no guarantee it will succeed, in part because of how much he has already damaged US alliances across the world.
In an analysis published Thursday, Sarah Yerkes, senior fellow at the Carnegie International Endowment for Peace's Middle East Program, argued that even nations in the Middle East that stand to benefit from a weakened Iran are now thinking twice about their dependence on the US for their security needs, given that Trump's war has resulted in Iran launching retaliatory strikes throughout the region.
Yerkes also highlighted how Trump's handling of European allies is making it less likely that they will play a significant part in helping him end the conflict.
"Europe, which is not eager to enter what it sees as a war of choice, has refrained from proactively joining US and Israeli strikes," Yerkes explained. "One of the clearest examples of the transatlantic rift was over the initial reaction to closures in the Strait of Hormuz, the shipping channel for approximately 20% of the world’s seaborne oil and LNG traffic. Multiple European countries refused to cow to Trump’s demand that they send warships to help keep the strait open, inviting public ire from Trump."
The bottom line, warned Yerkes, is that "each day the war continues, without explicit goals or a clear exit strategy, opposition to the United States—from friends and foes, inside and outside—is also likely to grow, making America less safe and less secure."
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