Senators Chuck Grassley (R-Iowa) and Sheldon Whitehouse (D-R.I.) released a statement on August 13, 2026, criticizing the Treasury Department's decision to exempt 99 percent of entities from the requirement to report beneficial ownership to the Financial Crimes Enforcement Network (FinCEN). The senators expressed concerns that the final rule, published on August 11, 2026, undermines efforts to enhance transparency in financial transactions.
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Senators Criticize Treasury's Exemption Decision on Beneficial Ownership Reporting
Senators Chuck Grassley and Sheldon Whitehouse criticized the Treasury Department's recent decision to exempt most entities from reporting beneficial ownership to FinCEN. They argue that this rule, published on August 11, 2026, compromises transparency in financial oversight.
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Grassley, Whitehouse blast Treasury decision on FinCEN
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Senators Criticize Treasury's Exemption Decision on Beneficial Ownership Reporting