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President Donald Trump praised the Treasury on True Social on Sunday for announcing it has suspended enforcement of reporting requirements for beneficial ownership information (BOI) for US citizens and domestic businesses.
The Biden-era initiative says certain information about useful owners should be reported to the Treasury Department’s Financial Crime Enforcement Network (FINCEN), according to the IRS.
Trump called the requirement “outrageous invasive.”
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President Trump praised the Treasury late Sunday for his recent decision to suspend enforcement of useful ownership information reporting requirements. (Reuters/Dad Luvik/Illustrated/Reuters Photo)
“Exciting news! The Treasury has announced that it has suspended all enforcement of its reporting requirements for outrageous, invasive, beneficial Ownership Information (BOI) to US citizens,” Trump wrote. “The Biden rules were an absolute disaster for small businesses across the country. Furthermore, the Treasury Department is currently finalizing emergency regulations to formally suspend the rules for American businesses.
In a series of posts on X, the Treasury announced that no penalties or fines related to the BOI will be enforced, nor will penalties against US citizens or national reporting companies or their beneficiaries.
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No BOI penalties or fines will be enforced, nor will penalties for American citizens, national reporting companies or their beneficial owners, the department said. (istock / istock)
Instead, the focus will only be on foreign companies.
“The Treasury will take this step to support hard-working American taxpayers and small businesses and ensure that regulations are properly coordinated to promote the public interest,” the department said.
President Trump’s current Treasury Secretary, Scott Bescent, will speak at a confirmation hearing by the Senate Committee on Finance on January 16th. (Chen Mengong/China News Service/VCG Getty Images/Getty Images)
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“It’s a victory for common sense,” said Scott Bescent. “Today’s actions are part of President Trump’s bold agenda to unleash America’s prosperity by limiting burdensome regulations, particularly for small and medium-sized businesses, which are the backbone of the American economy.”
The decision comes in line with his broader economic pledge to cut border tariffs between $1.5 trillion and $2 trillion in federal spending.
