The U.S. Senate Committee on Banking, Housing and Urban Affairs published a statement from ranking member Elizabeth Warren criticizing the Trump administration’s final rule rolling back Corporate Transparency Act beneficial ownership requirements. Warren called on Treasury Secretary Scott Bessent to reverse the decision and testify before the committee, arguing that reduced transparency enables shell companies to facilitate drug trafficking, sanctions evasion, fraud and other financial crimes. The statement cited government reports, enforcement cases and warnings from law enforcement and national security groups about the misuse of anonymous companies. These included a case involving more than 100 shell companies allegedly used to launder at least USD 77 million in narcotics proceeds and a Government Accountability Office finding that beneficial ownership information could support efforts to combat fraud in federal programs. Warren emphasized that the law required entities to provide basic identifying information about their true owners.
U.S. Senate Committee on Banking, Housing and Urban Affairs2026-08-11
U.S. Senate Committee on Banking, Housing and Urban Affairs ranking member calls for reversal of Corporate Transparency Act rollback
The U.S. Senate Banking Committee published ranking member Elizabeth Warren’s criticism of the Trump administration’s final rule rolling back Corporate Transparency Act beneficial ownership requirements. Warren urged Treasury Secretary Scott Bessent to reverse the decision and testify, arguing that it weakens efforts to combat money laundering, sanctions evasion, fraud and drug trafficking.