Treasury ends ownership reporting rules for companies

⚡ Executive Digest (3-Minute Breakdown)

• What Happened: The U.S. Treasury Department permanently repealed a rule requiring businesses formed in the United States to disclose their beneficial owners to federal financial-crimes investigators, effectively ending ownership reporting for domestic companies. Treasury Secretary Scott Bessent said the regulation, initially designed to combat money laundering and other financial crimes, imposed an undue compliance burden on American businesses. The department will also delete ownership data already collected. Republican lawmakers praised the move as support for job creators and reduced red tape. Democrats warned the repeal could make it easier for criminals to exploit shell companies and evade law enforcement scrutiny.
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