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In a surprising announcement on Sunday evening, the US Treasury Department Put a press release that tens of millions of small companies could prevent them from being treated as financial criminals and risk imprisonment and massive financial fines.
The release, entitled: “Treasury Department announces the suspension of enforcement of the enforcement of the transparency law against American citizens and domestic reporting companies,” seems to offer a big victory for Main Street.
As I have spoke about this earlierThe Corporate Transparency Act (“CTA”) was veto by the president Donald Trump In his first government, but the congress has canceled the veto. Subsequently, the BIDEN administration treasury went into full over -range mode.
President Donald Trump and Finance Minister Scott Bessent (Getty images/photo illustration)
The reporting requirement of the useful ownership information (BOI) of the CTA was the forcing of owners of small companies to register with the Financial Crimes Division of Treasury (FINCEN) in a guilty-firster-intended-innocent manner, plus the inaccurate or non-fiber fines Archiving.
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The release of March 2, 2025, Treasury said:
“The Treasury Department announces today that, with regard to the Corporate Transparency Act, it will not only not enforce fines or fines related to the rule for information about information about the government information under the existing regulatory deadlines, but it will not be fines or fines of the next of the Domestic reports.
“The Treasury Department Furthermore, will issue proposed regulations that will only limit the scope of the rule to foreign reporting companies. Treasury takes this step in the interest of supporting hard -working American taxpayers and small companies and to ensure that the rule is appropriate to promote public interest.
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“This is a victory for common sense,” said the American secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s daring agenda to unleash US prosperity by taking a difficult regulations, especially for small companies that are the backbone of the US economy.”
The way I and others interpret this means that we do not have to submit small companies and citizens to the CTA Boi with Fincen and no punishments will be confronted. For tens of millions of small and private companies, as well as board members of the housing and others in this mess, this is a great relief.
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It is also a huge, long-fed victory, because the Biden administration had impeded everything in the attempt to fall.
It is also a great feeling to know that Main Street finally has proponents, including President Trump and Minister of Finance Bessent, in the administration.
Bessent said during his confirmation hearing: “I think it is the time of Main Street. Wall Street can continue to do well, perhaps not so well, and it is time to have a led in the main street recovery …” How refreshing is government officials to make the conversation.
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To guarantee sustainability (that is, so it is not set up in a future administration), small companies need the congress to codify that the CTA BOI rule only applies to foreign reporting companies, so hopefully everyone will call their representatives and ask them to follow Treasury’s leadership.
But for the time being Main Street can count on one captain and small companies can concentrate on blooming.
