00:00It's Benzinga bringing Wall Street to Main Street.
00:0221 U.S. states and the District of Columbia sued the Trump administration Tuesday
00:08over its rollback of beneficial ownership reporting requirements
00:11under the 2021 Corporate Transparency Act, according to Reuters.
00:16The lawsuit seeks to overturn an August rule exempting U.S. companies and individuals
00:22from disclosing ownership information to the Treasury Department's Financial Crimes Enforcement Network.
00:28Filed in federal court in Oregon, the lawsuit argues the administration effectively gutted the law
00:33by exempting more than 99.9% of companies originally subject to reporting requirements.
00:39New York Attorney General Letitia James said the rule allows shell company owners to remain anonymous.
00:45Treasury Secretary Scott Besant previously defended the rollback as eliminating burdensome requirements
00:50for millions of business owners without compromising national security.
00:54For all things money, visit Benzinga.com.
