Trump Celebrates Treasury Department’s Decision To Stop Enforcement Of BOI Requirements – One America News Network

March 3, 2025 Abril Elfi US 0

The US Treasury Department building is seen in Washington, DC, January 19, 2023, following an announcement by the US Treasury that it had begun taking measures Thursday to prevent a default on government debt, as Congress heads towards a high-stakes clash between Democrats and Republicans over raising the borrowing limit. - The world's biggest economy could face severe disruption with Republicans threatening to refuse the usual annual rubber stamping of a rise in the legal borrowing limit, and this could push the United States into default. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images) — The US Treasury Department building. (Photo by SAUL LOEB/AFP via Getty Images)

OAN Staff Abril Elfi
12:57 PM – Monday, March 3, 2025

President Donald Trump praised the Treasury Department after they announced that they are suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirement for U.S. domestic companies.

On Sunday, Trump posted to Truth Social, where he praised the department’s decision not to impose penalties now or in the future if companies fail to register for the agency’s BOI database — created during the Biden administration.

According to the IRS, the Biden-era program may require you to report specific information about your beneficial owners to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

Trump described the measure as “outrageous and invasive.”

“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. “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.”

During a series of X posts, the Treasury Department announced that penalties or fines associated with BOI will not be enforced, and neither will penalties against U.S. citizens or domestic reporting companies or their beneficial owners — instead focusing only on foreign companies.

“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,” the department said.

The Treasury Department is announcing today that, with respect to the Corporate Transparency Act, not only will it not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing regulatory deadlines…

— Treasury Department (@USTreasury) March 2, 2025

“This is a victory for common sense,” Treasury Secretary Scott Bessent said. “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.”

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