President Donald Trump praised the Treasury Department for suspending the enforcement of the Beneficial Ownership Information (BOI) reporting rule. This rule, introduced during the Biden administration, required U.S. citizens and domestic companies to report details about their beneficial owners to the Treasury’s Financial Crimes Enforcement Network (FinCEN). Trump called the rule “outrageous and invasive” and celebrated its suspension as a win for small businesses.
On Truth Social, Trump shared the news, saying, “Exciting news! The Treasury Department has stopped enforcing the BOI reporting rule, which was a disaster for small businesses. They are also working on an emergency regulation to formally suspend this rule. The economic burden of BOI reporting will soon be gone.”
The Treasury Department explained in posts on X that penalties or fines related to BOI reporting will no longer apply to U.S. citizens or domestic companies. Instead, the focus will now be on foreign companies. The department stated, “This step supports hard-working American taxpayers and small businesses, ensuring the rule serves the public interest.” Also: The US aligns with Russia in opposing a UN resolution denouncing Russia’s conflict with Ukraine.
Treasury Secretary Scott Bessent called this move “a victory for common sense.” He added, “This action is part of President Trump’s plan to boost American prosperity by reducing unnecessary regulations, especially for small businesses, which are the backbone of the economy.”
This decision aligns with Trump’s broader economic goals, including adjusting border tariffs and cutting federal spending by $1.5 to $2 trillion.
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