1. United States
2. Utah
3. Letter

Reverse course on the Treasury Department's final rule gutting the Corporate Transparency Act's beneficial ownership reporting requirements. Exempting 99 percent of U.S. entities from FinCEN reporting doesn't protect small businesses — it hands a shield to the money launderers, human traffickers, and sanctions evaders the law was specifically designed to expose. The Corporate Transparency Act passed with bipartisan support after more than a decade of deliberation precisely because anonymous shell companies are a primary vehicle for illicit finance. Senators Grassley and Whitehouse — the original sponsors of the legislation that became this law — have already called this rule change a direct contradiction of congressional intent. They're right. Secretary Bessent's argument that criminals won't file forms misses the point entirely: beneficial ownership data gives law enforcement a paper trail to follow after the fact, and now that trail is gone for the vast majority of domestic companies. This is not a deregulation win. It's a law enforcement loss. Push back on this rule and demand Treasury restore meaningful reporting requirements for domestic companies.