The Trump administration has finalized a Treasury rule repealing beneficial ownership information reporting requirements for U.S. companies and individuals, sharply narrowing a registry created under the Corporate Transparency Act. Under the final rule, domestic entities no longer have to disclose individuals who own at least 25 percent of a company or exercise substantial control over it, while foreign reporting companies must still report foreign beneficial owners. The rule also exempts Americans with FinCEN IDs from updating or correcting previously submitted information, relieves foreign companies of reporting Americans involved in their U.S. registrations, and spares certain foreign pooled investment vehicles registered in the United States from reporting a U.S. person in control. Treasury Secretary Scott Bessent called the move a win for small businesses and said it fulfills President Donald Trump's push to cut red tape without compromising national security. Critics from both parties said the change weakens a tool used by law enforcement to investigate shell companies and illicit finance. Sen. Elizabeth Warren called the repeal "a gift to cartels, criminals, and U.S. adversaries," while Sens. Chuck Grassley and Sheldon Whitehouse said it undermines the law's intent. Treasury had already narrowed the requirement in an interim rule adopted in March 2025, after the disclosure regime first took effect on Jan. 1, 2024 under former Secretary Janet Yellen. The reporting framework stemmed from the Corporate Transparency Act, part of the Anti-Money Laundering Act of 2020 in the fiscal 2021 National Defense Authorization Act, which passed with bipartisan support, including backing from then-Florida Sen. Marco Rubio. Public comments on the rule split between small-business supporters and national-security critics, and a May report from the U.S. Government Accountability Office said the new rule would exempt more than 99 percent of entities from the requirement.