By Ashley Pratt
Buried amid end-of-the-year wrangling over then-President Trump’s threats to veto the National Defense Authorization Act (NDAA) over Section 230 (protecting social media companies from liability for posts on their sites), it was easy to miss several articles covering modifications to banking regulations that made it into the bill. Yet there was actually a significant progressive foreign policy win among the new banking rules.
In short, this legislation requires that companies in the US report ultimate beneficial owners, the natural person or persons who ultimately benefit from the commercial activity of the company due to their overall ownership stake, to the Department of the Treasury. While that may seem like an arcane bureaucratic change, it hands progressives the tools they need to press for global financial transparency – if they choose to do so.Continue reading “A Progressive Win in the NDAA”