Why is FinCEN exempting domestic reporting companies from the beneficial ownership information (BOI) requirements, especially considering FinCEN’s previous statements about the importance of BOI reporting for law enforcement, national security, and intelligence?

Consistent with the exemptive authority provided in the Corporate Transparency Act and the direction of the President, the Secretary of the Treasury (Secretary) has reassessed the balance between the usefulness of collecting BOI and the regulatory burdens imposed by FinCEN’s BOI reporting requirements. The Secretary has assessed that exempting U.S. businesses would ensure that these regulations are appropriately tailored to advance the public interest, considering the burdens imposed by the regulations without sufficient benefits.