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In a surprise announcement Sunday night, the US Treasury Department issued a press release that will save tens of millions of small businesses being treated like financial offenders, putting prison time and massive financial penalties at risk.
The release, entitled “The Treasury Department has announced a suspension of enforcement of the Corporate Transparency Act for US citizens and domestic reporting companies,” appears to be a major victory for Main Street.
As we discussed previously here, the Corporate Transparency Act (“CTA”) was rejected by President Donald Trump in his first administration, but Congress overturned the veto. The Biden administration's Treasury Department was then in full government overreach mode.
President Donald Trump and Treasury Secretary Scott Bescent (Getty Images/Photo illustration)
The CTA's Beneficial Ownership Information (BOI) reporting requirements forced small business owners to register in a future, future manner guilty of being appointed to the Financial Crimes Division (FINCEN), as well as to create significant penalties for non-filing, late application, filing or failure to renew filing.
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On March 2, 2025, the Ministry of Finance stated:
“The Treasury today announces that it will not only enforce penalties or fines related to the Company Transparency Act, which are not subject to penalties or fines related to the Beneficial Property Information Reporting Rules under the deadlines of existing regulations, but will not enforce fines or fines against U.S. citizens or domestic reporting companies.
“The Treasury will also issue proposed rules that will reduce the scope of the rules to foreign reporting companies only. The Treasury will take this step to support hard-working American taxpayers and small businesses, ensuring that the rules are properly coordinated to promote the public interest.
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“It's a victory for common sense,” said Treasury Secretary Scott Bescent. “Today's actions are part of President Trump's bold agenda to unleash America's prosperity by throttling troubling regulations, particularly for small and medium-sized businesses, which are the backbone of the American economy.”
The way that I and others interpret this means that small businesses and citizens of the US do not need to file CTA BOIs with Fincen and do not face penalties. For tens of millions of small and medium-sized businesses and private companies, as well as housing association board members and other companies caught up in this chaos, this is a huge relief.
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It is also a huge victory that has fought long, long, as the Biden administration has hampered every effort to overturn it.
It's also great to know that Main Street will ultimately have supporters in its administration, including President Trump and Treasury Secretary Becent.
“I think it's time for Main Street. Wall Street can continue to do well, probably not. It's time for Main Street to do small business-led recovery…” Bessent said during the confirmation hearing.
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To ensure permanence (i.e., not reversible in future administrations), small and medium-sized businesses want Congress to require that CTA BOI rules apply only to foreign reporting companies, so everyone calls their representatives and asks them to follow the Treasury leadership.
But for now, Main Street has broken down one barrier and small businesses can focus on prosperity.
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