President Donald Trump has lauded a recent decision by his Treasury Department to eliminate the requirement for reporting beneficial ownership information, a move that may have been influenced by Elon Musk.
Trump expressed his enthusiasm on Truth Social, stating, "Exciting news! The Treasury Department has announced that they are suspending all enforcement of the outrageous and invasive Beneficial Ownership Information (BOI) reporting requirement for U.S. Citizens."
As reported by The Washington Examiner, this development follows Musk's public commitment to "look into" the rule after receiving a complaint about it. Over the weekend, Trump and Musk were spotted together at Mar-a-Lago and later traveled back to the White House on Air Force One.
The rule, established during the Biden administration, mandated companies to disclose information about their beneficial owners to the Treasury Departments Financial Crimes Enforcement Network. The intention was to combat money laundering and the use of shell companies by identifying individuals with substantial control over a company.
However, Trump criticized the rule as an "absolute disaster" for small businesses, indicating that the Treasury is working on a new regulation to suspend it. "The economic menace of BOI reporting will soon be no more," he declared.
The Treasury Department elaborated on the decision through a series of posts on X, stating that it will not enforce penalties or fines related to the reporting requirement. Furthermore, the department announced plans to issue a proposed rulemaking that will limit the rule's application to foreign reporting companies only. This step is intended to support American taxpayers and small businesses while ensuring the rule aligns with the public interest.
Treasury Secretary Scott Bessent emphasized the significance of this decision, stating, "This is a victory for common sense. Todays action is part of President Trumps 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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