"Yellen Reveals 100,000 Firms Join Effort to Expose Shell Company Owners"

Treasury Secretary Janet Yellen announced that 100,000 businesses have joined a new database collecting "beneficial ownership" information to unmask shell company owners, emphasizing the U.S.'s commitment to preventing illicit financial activities. The database, part of the Biden administration's push for corporate transparency, is a result of the bipartisan Corporate Transparency Act. Yellen also discussed upcoming real estate rules to increase transparency and address money laundering risks. Despite legal challenges, Yellen emphasized the benefits of corporate transparency in protecting national security and the economy.