CNN's Panel on Antisemitism Was a Total Trainwreck
Reporter Gave a Laughable Reason for Why We Can't Trust Polls Now
I'm Not So Sure Bill Clinton Is the Person to Lead Point on...
CBS News' Margaret Brennan Got Wrecked By Scott Bessent and Marty Makary Over...
Watch Scott Jennings Obliterate a Reporter Over Her 'Both Sides' Nonsense on Political...
The Democrats Are the Party of Antisemitic Terrorism
Trump's New Nickname for Joe Biden Is Spectacular
If Democrats Had the Truth on Their Side They Wouldn’t Have to Lie...
Sanctuary States, Sleeper Cells, and a Nation on the Brink
Hey You, Get Off My Crowd
Hey You, Get Off of My Crowd
This Transgender Athlete Shared This Flippant Response After Dominating a Women's Race
Republicans Could Make History on Gun Rights
Trump Cracks Down on Arizona’s Illegal Immigrant Tuition Scheme
Fetterman Breaks with Democrats on Israel, Border, Trump Policies Amid Party Backlash
Tipsheet

Trump Celebrates Treasury Department's 'Exciting News'

AP Photo/Yuri Gripas

President Donald Trump celebrated the Treasury Department’s recent announcement that it is suspending enforcement of the Corporate Transparency Act against U.S. citizens and domestic reporting companies.

Advertisement

"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," Trump wrote on Truth Social. "This Biden rule has been an absolute disaster for Small Businesses Nationwide. Furthermore, Treasury is now finalizing an Emergency Regulation to formally suspend this rule for American businesses. The economic menace of BOI reporting will soon be no more."

In a statement on Sunday, Treasury said “not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines, but it will further not enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect either.”

“The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only,” the statement added. “Treasury takes this step in the interest of supporting hard-working American taxpayers and small businesses and ensuring that the rule is appropriately tailored to advance the public interest.”

Advertisement

Treasury Secretary Scott Bessent called it a “victory for common sense.”

 “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy,” he added. 

Job Creators Network also praised the move. 

"The Trump administration has listened to calls from small businesses and Job Creators Network to stop the Corporate Transparency Act, a burdensome Biden-era reporting regulation that threatened Main Street with massive fines and even jail time for noncompliance,” said JCN’s CEO Alfredo Ortiz. “JCN polling found that most small businesses weren't even aware of the CTA, let alone its requirements and penalties. JCN is proud to have led the effort to overturn this anti-small business attack. By stopping enforcement and formally suspending the CTA, Trump and Treasury Secretary Bessent have rescued American small businesses from a significant burden." 


Trump Speech Sale! TODAY ONLY. 60 Percent off ALL VIP MEMBERSHIPS! Don't wait, sign up NOW by clicking HERE!

Join the conversation as a VIP Member

Recommended

Trending on Townhall Videos

Advertisement
Advertisement
Advertisement