Scott Bessent says the action reins in burdensome regulations, in particular for small businesses
Scott BessentSecretary of the Treasury, in a Treasury press release
Treasury Secretary Scott Bessent says Treasury's decision not to enforce beneficial ownership reporting against U.S. citizens and domestic companies is part of President Trump's agenda of reining in burdensome regulations, in particular for small businesses.
“Today's action is part of President Trump's bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”
Official statement
Where this statement fits
21 attorneys general sue to restore shell-company ownership reporting; Treasury says the exemption relieves small businesses
On October 27, 2026, 20 states and the District of Columbia sued the Treasury Department in federal court in Oregon over FinCEN rules that exempt all domestic companies from reporting their beneficial owners under the Corporate Transparency Act. The states say the rules effectively repeal the law, weaken law enforcement and tax collection, and order the deletion of data already reported. Treasury says the exemption relieves small businesses of burdens that the reports' usefulness does not justify.
Source and context
Official statement
About this source
Treasury press release of March 2, 2025, saying it would not enforce beneficial ownership reporting penalties against U.S. citizens or domestic companies and would narrow the rule to foreign companies, with a statement from Treasury Secretary Scott Bessent.
Archived copy (opens in a new tab)Before the quotation
Treasury announced that it would not enforce beneficial ownership reporting penalties against U.S. citizens or domestic companies and would narrow the rule to foreign reporting companies. Bessent called the move a victory for common sense.
After the quotation
In the same release, Treasury says it will issue a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only.
How this statement is classified
The label describes this statement's response within the context above.
Why this label?
The case concerns the Treasury rules exempting domestic companies from beneficial ownership reporting. Bessent presents the step that led to those rules as relief from burdensome regulation for small businesses, which defends the policy under scrutiny.
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More from this case
Read the full caseRob Bonta says Congress passed the Corporate Transparency Act because law enforcement needed an additional tool against illegal financial transactions
“Congress passed the Corporate Transparency Act with bipartisan support because it understood law enforcement needed an important additional tool to root out illegal financial transactions and corruption.”Read statement
Letitia James says the Trump administration is gutting a law that forces shell companies out of hiding
“The Trump administration is gutting a critical federal law that forces these companies out of hiding and helps law enforcement track down stolen funds.”Read statement
FinCEN says exempting U.S. companies relieved small businesses of burdens not justified by the reports' usefulness
U.S. Department of the Treasury
“The IFR's changes relieved U.S. small businesses of burdens imposed by the Reporting Rule, which the Secretary determined were not justified by the usefulness of the reports generated and the information they made available.”Read statement
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- Scott Bessent says the action reins in burdensome regulations, in particular for small businesses
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The Dispute Index. "Scott Bessent says the action reins in burdensome regulations, in particular for small businesses". First published: 2026-10-29. Last updated: 2026-10-29. https://disputeindex.com/events/7204-treasury-secretary-scott-bessent-says-treasury-s-decision