House committee wants trust secrecy cut after Pandora Papers

By STEPHEN GROVES
Associated Press

SIOUX FALLS, S.D. (AP) — Democrats on a U.S. House committee are pushing to reduce the financial secrecy that has allowed many of the world’s richest and most powerful to hide their assets in South Dakota and other trust-friendly states. The Oversight Subcommittee of the House Ways and Means Committee held a hearing to probe how South Dakota and other states have become a leading international destination for those looking to avoid financial scrutiny. Advocates for greater financial transparency urged House lawmakers to make sure trusts are swept into reporting requirements for law enforcement and financial regulators.