Act Now Against Financial Crime & Money Laundering: Resume CT Act Enforcement

I urge Congress to immediately compel the Treasury Department to resume enforcement of the Corporate Transparency Act (2021). Treasury's permanent halt of beneficial ownership data collection violates the President's constitutional duty to faithfully execute the laws Congress passes. The Corporate Transparency Act, passed with bipartisan support, closes a critical loophole that criminals exploit. Shell companies are used by fraudsters, money launderers, and criminals to hide assets and move illicit funds through our financial system. The law requires beneficial owners to provide basic information—names, addresses, birth dates, and identification—to law enforcement. Former FinCEN Director Andrea Gacki documented concrete examples of how this information prevents crime. She cited a Chicago flooring contractor that used shell companies to rig bids and fix prices, defrauding honest businesses and consumers. Beneficial ownership transparency would have exposed this scheme faster and made similar fraud harder to execute across American industries. In April 2026, the FACT Coalition stated that bills to repeal the CTA would "undo fifteen years of bipartisan work by Congress to end the scourge of anonymous shell companies," noting that anonymous U.S. shell companies are used to enable fraud, enrich drug cartels, and undermine American national security. (https://thefactcoalition.org/hfsc-corporate-transparency-act-repeal/) Why would the President take action to protect money laundering? I know Treasury Secretary Bessent claimed the reporting requirement is "burdensome" for businesses. This rationale is insufficient. Congress authorized Treasury to create exemptions for small businesses—a path the department rejected. The burden itself is minimal: beneficial owners already provide this information to banks routinely. So again, why refuse to enforce the law, unless the administration is trying to protect someone(s)? Adding to the irony, Secretary of State Marco Rubio co-sponsored this legislation and called it "the most significant anti-corruption and money laundering law in decades." The administration's decision contradicts its own Secretary of State's prior position. Congress must act immediately to: Demand Treasury resume collection of beneficial ownership data without delay. Pass clarifying legislation reaffirming full enforcement of the Act if necessary. Hold hearings investigating why Treasury abandoned this law. Consider whether this constitutes a constitutional violation warranting accountability. The Corporate Transparency Act is the law of the land. Congress must ensure it is enforced.