>Treasury ends ownership reporting rules for U.S. companies
>The rules, intended to combat money laundering and other financial crimes, imposed an undue burden on American businesses, Treasury Secretary Scott Bessent said.

By Riley Beggin
>The U.S. Treasury Department permanently repealed a rule Tuesday that required businesses formed in the United States to report who owns them to federal financial-crimes investigators.

>Foreign companies and pooled investment vehicles (such as mutual funds or hedge funds) must still report information about foreign owners. But they will no longer have to identify Americans who help them register to do business in the United States, according to a Treasury Department advisory. And Treasury will delete any information it has already collected about U.S. business owners, the advisory said.

>In a statement, Treasury Secretary Scott Bessent said the new rule eliminates “a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.”

>Senate Banking Committee Republicans quickly thanked Treasury for “standing up for job creators.” But Democrats and some national security experts criticized the move, which they said would make it easier for drug cartels, human traffickers and money launderers to use anonymous shell companies to avoid detection.

>Richard Nephew, who led anti-corruption efforts at the State Department during the Biden administration, called the move “a terrible decision that opens up the U.S. to financial crime, money laundering and corruption.”

>The reporting requirements were put in place in January 2024 under former president Joe Biden as part of an effort to curb illicit finance under the Corporate Transparency Act, which was passed by Congress and signed by Biden in 2021. It required U.S. and foreign companies doing business in the United States to report information about “beneficial owners” — people who have “substantial control” over the company or own at least 25 percent of it — to Treasury’s Financial Crimes Enforcement Network (FinCEN).

>The Corporate Transparency Act was supported by law enforcement officials, the American Bankers Association and human rights advocates who said it would combat the corrupt use of anonymous companies, known as shell companies. But it immediately drew fire from the National Small Business Association, which pushed Congress to repeal the act and sued the Treasury Department, arguing that the reporting requirements disproportionately impacted small business owners.


>In March 2025, the Trump administration announced that it would temporarily suspend reporting requirements for U.S. businesses and American owners of foreign companies. On Tuesday, Treasury made that decision permanent. In a FAQ on the new rule, Treasury said FinCEN and federal law enforcement agencies have multiple alternative sources of information to prevent domestic companies from engaging in money laundering or financing terrorism that it does not have for foreign companies.

>Small Business Administration Administrator Kelly Loeffler praised the decision, writing on social media that it will save American businesses $6.7 billion in compliance costs over the next decade.
>Sen. Elizabeth Warren (Massachusetts), the top Democrat on the Senate Banking Committee, called the decision “a gift to cartels, criminals, and U.S. adversaries that exploit shell companies to move millions through our financial system.”

migatard cope status?

Is this Agenda47 or just Trump undoing everything Biden did?

>In a statement, Treasury Secretary Scott Bessent said the new rule eliminates “a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.”

yes finally, it was so burdensome to tell the government who owns my factory, it was at least 20 characters! who has time to fill that much data

>>1529456
Dumb fuck it wasn't just a name it was dozens and dozens of pages of paperwork that basically required retaining a lawyer to complete or else the government would fuck you over. You're a retarded liggeral it's not of the governments business what private business owners do. Fuck regulations. Fuck liggeralism

>>1529456
It's also a massive national security risk, it boggles the mind how conservatives can always do shit like this and pretend it's in the nation's best interest.

>>1529467
No actually it's not a national security risk. They already said they did it without compromising national security. It's literally quoted in the post you're replying to. Do you even know how to read, liggeral? Must be hard grasping English as a brown skinned foreign illegal immigrant, huh?

>>1529477
do you ever take a break from being an insufferable faggot

>>1529480
Do you ever take a break from your Trump Derangement Syndrome, liggeral piggy?

>>1529482
you should try not being this board's lolcow one of these days

>>1529485
You should try not being a TDS liggeral tranny some day. Oh oops. Too late. You already chopped off your dick. No sewing that one back on. LMAO

esl shill, unsurprisingly, overshared about his fetish again

>>1529490
>>1529491
is this entire board just you two shitting up every thread at each other?

>>1529504
The thing is only one guy is calling people ESL shill and everyone else is just reacting to him
Like I could call you ESL shill how are you gonna respond?

>>1529507
the person who gets called esl shill is the guy tried to coin a new word called "liggeral" and insists on using it every thread

>>1529516
Liggeral has been a 4chan meme since at least 2009, newfag

>>1529516
>guy
don't misgender esl shill

>>1529464
>my wife, Pajeeta Ranjesh, had our New Delhi based drop shipping ‘business’ RUINED and now I’m angry
better luck next time, liggeral poster

>>1529518
Where do you people get this shit from?

>>1529477
>It's the ESL shill playing damage control for foreign corporations

>>1529427
Seems like another nothingburger.

>>1529577
you seem like a faggot

>>1529427
>you're no longer required to report who owns companies hiring illegal immigrants
typical republicunt move to protect their labor source