Senators Propose Lowering Foreign Ownership Disclosure Threshold for Pentagon Contracts from $5 Million to $500,000
Sens. Chuck Grassley and Elizabeth Warren plan to introduce legislation Monday requiring defense contractors to disclose beneficial owners and foreign influence on contracts above $500,000. The measure would lower the current disclosure threshold from $5 million.
SemaforSens. , will introduce legislation Monday requiring all prospective defense contractors and subcontractors to disclose information on their beneficial owners and whether any are foreigners. The bill would also require contractors or subcontractors working with the Pentagon on contracts larger than $500,000 to disclose whether they are under foreign ownership, control, or influence.
The current threshold for such disclosure is $5 million. The senators intend to add the measure to annual defense policy legislation. Details of the legislation were shared first with Semafor. “Transparency brings accountability, and that includes shining a light on foreign influence in Defense Department contracts,” Grassley said.
The Pentagon declined to comment on the proposed legislation.
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