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The Trump administration has freed millions of businesses from a red-tape chore concocted primarily by Democrats: On Sunday, the Treasury Department announced it would not enforce a rule requiring businesses to file beneficial ownership reports with an obscure federal agency. The move came only a day after Elon Musk responded to an X user's plea for intervention on the issue, replying, "I can look into it."
Intended to thwart money-laundering and other financial crimes facilitated by shell companies, the beneficial ownership information (BOI) rule would have put the ownership information of more than 32 million entities in a US Treasury database, with no exemption for even the smallest. Business owners were supposed to report each beneficial owner's name, birthdate and address to the Financial Crimes Enforcement Network (FinCEN) -- and upload an image of a drivers license, passport or other acceptable form of identification.
Now, however, the Treasury says it will not enforce the rule, and will issue a proposed rule-making that would confine the rule's scope to foreign reporting companies. “This is a victory for common sense,” said Treasury Secretary Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy...”
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“Not enforce a requirement” is a step in the right direction until another draconian administration is elected.
Remove and reverse the rule altogether.
“draconian administration”…Gavin Newsome, with sights on 2028, already in the process of hoodwinking voters.
Again, remove and rescind the rule altogether.