Authored by Owen Evans via The Epoch Times,
The Treasury Department on Tuesday finalized a rule permanently exempting U.S. companies and individuals from reporting beneficial ownership information to authorities, rolling back Biden-era Corporate Transparency Act requirements.
Treasury Secretary Scott Bessent testifies before the Senate Committee on Appropriations in Washington on June 3, 2026. Madalina Kilroy /The Epoch Times"Today's action is a victory for common sense and American small businesses," Treasury Secretary Scott Bessent said in a statement on Aug. 11.
"President [Donald] Trump promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security."
The original rules, implemented under the Biden administration, had applied to tens of millions of mostly small businesses.
The Corporate Transparency Act (CTA) is the 2021 law requiring shell companies to disclose owners, and the Treasury Department's Financial Crimes Enforcement Network (FinCEN) is the enforcer.
The new policy means that U.S. companies and U.S individuals no longer have to tell FinCEN who owns them.
However, foreign reporting companies will have to disclose beneficial ownership information for foreign individuals, the department said in a statement.
The Treasury Department said that FinCEN will also delete previously reported information
