Rescind Rollback of CTA Reporting Rule, Senators Tell Treasury

Two Senate Finance Committee members are asking Treasury Secretary Scott Bessent to rescind a rule that reduces beneficial ownership reporting requirements.

Sen. Sheldon Whitehouse (D-R.I.) and Sen. Chuck Grassley (R-Iowa) said in a Tuesday letter that the rule undermines the Corporate Transparency Act, which Congress passed in 2021 to combat money laundering. Treasury in March changed the reporting requirement to only apply to foreign-reporting companies, drastically reducing the number of those that must comply with the law.

“The rule not only contravenes Congress’s intent as reflected in the CTA’s plain text and legislative history, but it also undermines the operation ...