U.S. Senators Marco Rubio (R-FL) and Elizabeth Warren (D-MA) sent a letter to last week to U.S. Treasury Secretary Janet Yellen and Acting Director of the Financial Crimes Enforcement Network (FinCEN) Himamauli Das regarding the delayed implementation of the Corporate Transparency Act (CTA), which was signed into law in 2020 (P.L. 116-283).
They wrote, "The Treasury Department has yet to finalize the implementation of the CTA—or even set a timetable for its completion," the senators wrote. "In various hearings last month, both of you could only commit to proposing the second CTA rule by the end of 'this year.' These delays run contrary to the clear instructions of Congress, undermine American efforts to respond to Russia's war against Ukraine, and hinder broader efforts to protect the U.S. financial system against the threat of illicit finance."
Senators Chuck Grassley (R-IA), Sheldon Whitehouse (D-RI), Ron Wyden (D-OR), Bob Menendez (D-NJ), and Bill Cassidy (R-LA) also signed the letter. The Corporate Transparency Act was adopted by Congress in December 2020. The law required FinCEN to have finalized and implemented its regulations no later than December 31, 2021.
In May 2021, Rubio and colleagues sent a bipartisan comment to FinCEN urging the efficient, effective implementation of a beneficial ownership reporting system, as required by the CTA.
Update: On September 29, 2022, FinCEN issues its Final Rule on beneficial ownership reporting, setting January 1, 2024 as the implementation date.