Davidson Applauds FinCEN Final Rule Ending BOI Reporting Requirements

WASHINGTON, D.C. - Today, August 12, 2026, U.S. Representative Warren Davidson (R-OH) released the following statement after FinCEN issued a final rule ending beneficial ownership information reporting requirements for U.S. businesses and announced it would remove U.S. business owners' previously reported information from its database.

"FinCEN's final rule is a major victory for American small business owners and financial privacy," said Davidson. "The Corporate Transparency Act buried millions of small business owners, sole proprietors, and even volunteer HOA leaders in costly reporting requirements while doing little to catch the criminals it was supposed to target. President Trump has done his part by ending the reporting mandate for U.S. businesses. Now Congress should codify those protections by passing my Repealing Big Brother Overreach Act so a future administration cannot bring it back."

Background:

The Corporate Transparency Act was enacted in 2021 as part of the annual defense authorization bill and was later implemented by the Biden administration. The law required millions of U.S. businesses to report sensitive ownership information to FinCEN under threat of civil and criminal penalties. The Trump administration first exempted U.S. companies and U.S. persons from the mandate in March 2025. FinCEN's final rule codifies those exemptions in regulation and confirms that previously reported information from U.S. business owners will be deleted. Because the Corporate Transparency Act remains on the books, however, a future administration could reverse the rule and restore the reporting requirements.

Davidson is the lead sponsor of the Repealing Big Brother Overreach Act, H.R. 425, which would fully repeal the Corporate Transparency Act. The bill passed the House Financial Services Committee in April.

Read the full text of the Repealing Big Brother Overreach Act HERE.

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