Chris Van Hollen (D-MD)
Disclosure of Tax Havens and Offshoring Act
A Democratic bill with 8 Democratic cosponsors · See all 9 cosponsors
Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
In committee
Introduced and handed to a committee in the chamber it started in.
The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.
Its path through Congress
- Introduced
- In Committee
What this bill would do
This bill is cited as the Disclosure of Tax Havens and Offshoring Act. It amends the Securities Exchange Act of 1934 to require certain multinational companies to submit country-by-country financial reports. Covered issuers must provide information regarding their constituent entities, including legal names, tax jurisdictions, main business activities, and tax identification numbers. The reports must also include aggregated financial data for each tax jurisdiction, such as revenues, profits or losses, taxes paid, stated capital, accumulated earnings, number of employees, and tangible asset values. The Securities and Exchange Commission is required to issue proposed rules within 270 days and final rules within one year of enactment. Finally, the reported data must be made available to the public online in a machine-readable format.
Yes· 3 of 4
- Scored +6
Does this make what the government does easier for the public to see?
Enhances public transparency by mandating online, machine-readable reporting of corporate tax and financial data.
- Scored +3
Does this give people more protection from unfair business practices?
Improves corporate transparency by requiring multinational companies to publicly disclose country-by-country financial and tax data.
- Scored +2
Does this give the federal government more power?
Expands federal regulatory requirements through the SEC for multinational corporate financial reporting.
The opposite
- Scored -2
Would business owners be better off under this?
Imposes new administrative reporting burdens and transparency requirements on large multinational business enterprises.
Who it would affect, and how
Potential Positive Impacts for People
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Public transparency of corporate finances: Under Section 2(a), which adds Section 13(t)(2)(B) to the Securities Exchange Act of 1934, covered issuers must disclose detailed financial performance on a country-by-country basis, including revenues, profits, taxes paid, and employee counts. This might be considered positive because it provides the public and voters with clear insight into the financial operations and tax payments of large multinational companies.
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Public access to machine-readable data: Under Section 2(b)(2), the information required must be provided in a machine-readable format prescribed by the Commission and made available to the public online. This might be considered positive because it ensures that everyday people and watchdogs can easily access, read, and analyze the reported data.
Potential Negative Impacts for People
- The provided text does not contain any specific sections or provisions that explicitly identify negative consequences or burdens for individuals or groups of people in the United States.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Tap or hover a score for the reason it gave.
- Governance And Ideology
- Does this make what the government does easier for the public to see? — Enhances public transparency by mandating online, machine-readable reporting of corporate tax and financial data. Does this give the federal government more power? — Expands federal regulatory requirements through the SEC for multinational corporate financial reporting.
- Economy And Finance
- Does this give people more protection from unfair business practices? — Improves corporate transparency by requiring multinational companies to publicly disclose country-by-country financial and tax data.
- Demographic And Interest Groups
- Would business owners be better off under this? — Imposes new administrative reporting burdens and transparency requirements on large multinational business enterprises.
- Education And Technology
- Does this put more rules on large technology companies? — Increases disclosure requirements for large multinational technology and other corporations under securities laws.
- 7/16/2026
- Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
- 9 Cosponsors added.
- Introduced in Senate
2 bills Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Tammy BaldwinDemocrat · Wisconsin
Richard BlumenthalDemocrat · Connecticut
Richard DurbinDemocrat · Illinois
Tammy DuckworthDemocrat · Illinois
Bernie SandersIndependent · Vermont
Tina SmithDemocrat · Minnesota
Peter WelchDemocrat · Vermont
Sheldon WhitehouseDemocrat · Rhode Island
Elizabeth WarrenDemocrat · Massachusetts