Why did Democrats never do this?
President Donald Trump recently took to Truth Social to celebrate the Treasury Dept.’s choice to suspend the enforcement of the controversial Beneficial Ownership Information also known as BOI reporting requirement, which was originally introduced during the Biden administration. The rule mandated that U.S. citizens and domestic companies report detailed information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN), a division of the Treasury Department.
Trump wasted no time expressing his approval of this move, calling the requirement “outrageous and invasive.” He emphasized that this regulation, which was seen as burdensome for small businesses, had been a disaster for entrepreneurs across the nation. In his post, Trump declared, “Exciting news! The Treasury Dept. has just said that they will suspend all enforcement of the insane and invasive Beneficial Ownership Information reporting rules for U.S. citizens.” Trump continued, calling the decision a major victory for small businesses and for the American economy.
The Treasury Department clarified that penalties related to the BOI rule would no longer be enforced, and that they would focus enforcement efforts solely on foreign companies instead. This move was seen as a win for hard-working American taxpayers and business owners, ensuring that regulations are both fair and practical.
Scott Bessent, Treasury Secretary, voiced strong support for the decision, calling it a step in the right direction. “Today’s move is part of Donald Trump’s aggressive agenda to increase American prosperity by bringing down burdensome rules and laws,” Bessent said. The administration’s action is in line with Trump’s broader economic strategy, which includes cutting excessive federal spending and fostering a business-friendly environment.
This decision marks another key chapter in Trump’s ongoing efforts to reduce government overreach, support small businesses, and strengthen the American economy. It is a clear sign that the Trump administration remains committed to empowering the people and dismantling excessive regulations.
