Story perspectives

Trump Admin Finalizes Rule Repealing Beneficial Ownership Reporting

8/13/2026

Summary

Story summary

On August 11, 2026 U.S. President Donald Trump’s administration finalized a rule repealing the Corporate Transparency Act’s beneficial-ownership reporting requirement for companies and individuals.
FinCEN will delete reported beneficial-ownership data, exempts citizens with a FinCEN ID from updating, and requires foreign companies to report owners.
Treasury Secretary Scott Bessent called the rule a “victory for common sense,” while Senator Elizabeth Warren warned it is a “gift to cartels, criminals and U.S. adversaries.”

1 of 1

Story summary

On August 11, 2026 U.S. President Donald Trump’s administration finalized a rule repealing the Corporate Transparency Act’s beneficial-ownership reporting requirement for companies and individuals.
FinCEN will delete reported beneficial-ownership data, exempts citizens with a FinCEN ID from updating, and requires foreign companies to report owners.
Treasury Secretary Scott Bessent called the rule a “victory for common sense,” while Senator Elizabeth Warren warned it is a “gift to cartels, criminals and U.S. adversaries.”