{"id":2408889,"date":"2025-03-03T09:20:02","date_gmt":"2025-03-03T14:20:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-praises-end-of-outrageous-and-invasive-treasury-rule\/"},"modified":"2025-03-03T09:22:36","modified_gmt":"2025-03-03T14:22:36","slug":"trump-praises-end-of-outrageous-and-invasive-treasury-rule","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/trump-praises-end-of-outrageous-and-invasive-treasury-rule\/","title":{"rendered":"Trump praises end of &#8216;outrageous and invasive&#8217; Treasury rule"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Ftrump-praises-end-of-outrageous-and-invasive-treasury-rule%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2408889&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Former President Donald Trump\u200c expressed his approval for a recent decision by\u2062 the Treasury Department to\u2062 eliminate the reporting requirement for <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-law-forces-small-businesses-to-cough-up-personal-data\/\" title=\"New Law Forces Small Businesses To Cough Up Personal Data\">beneficial ownership information<\/a> (BOI). This rule \u200dchange follows \u2063a push from Elon Musk, who \u2064had raised concerns about the regulation on social media. Trump described the enforcement of the BOI reporting as &#8220;outrageous\u2063 and invasive,&#8221; claiming that it posed challenges for small businesses. The original rule, implemented \u200cduring the Biden management, was designed to \u2063combat \u200dmoney \u200dlaundering by requiring companies to disclose their beneficial owners\u2014individuals who control \u2063the companies. in his\u2062 remarks, Trump indicated that this change would\u2062 alleviate burdens\u2063 on small businesses and emphasized it as part of a\u2062 broader agenda \u200dto reduce restrictive regulations. The Treasury \u200bDepartment confirmed that it will no \u2063<a href=\"https:\/\/amzn.to\/3YuVZYV\">longer <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/scores-of-lawmakers-press-biden-to-abandon-iran-nuclear-deal-as-negotiations-continue\/\" title=\"Scores Of Lawmakers Press Biden To Abandon Iran Nuclear Deal As Negotiations Continue\">enforce penalties<\/a> related<\/a> to the BOI rule \u200cand is \u200bworking \u2063on a proposed rule that \u2062will focus on foreign reporting companies.  <\/p>\n<p class=\"readmore\">\n    <button onclick=\"showReadMore()\" id=\"readmorebtn\">Read more&#8230;<\/button>\n<\/p>\n<hr id=\"line\">\n<span id=\"more\"><\/p>\n<p><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><?xml encoding=\"utf-8\" ?><\/p>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-header-search-button-mob dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-mobile-search-icon td-icon-search\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><span class=\"tdb-mobile-menu-button\"><i class=\"tdb-mobile-menu-icon td-icon-mobile\"><\/i><\/span><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div class=\"tdb-drop-down-search\" aria-labelledby=\"td-header-search-button\">\n<div class=\"tdb-drop-down-search-inner\">\n<form method=\"get\" class=\"tdb-search-form\" action=\"https:\/\/www.washingtonexaminer.com\/\"><\/form>\n<div class=\"tdb-aj-search\"><\/div>\n<\/div>\n<\/div>\n<p><a href=\"http:\/\/www.washingtonexaminer.com\/#\" role=\"button\" aria-label=\"Search\" class=\"tdb-head-search-btn dropdown-toggle\" data-toggle=\"dropdown\"><i class=\"tdb-search-icon td-icon-search\"><\/i><\/a><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<h1 class=\"tdb-title-text\">Trump praises end of &lsquo;outrageous and invasive&rsquo; reporting rule at Treasury<\/h1>\n<div><\/div>\n<div class=\"tdb-title-line\"><\/div>\n<\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\">\n<div id=\"Brid_2024631\" class=\"tpd-featured-video bridtv\"><\/div>\n<p style=\"text-transform:none\">President <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/donald-trump\/\" target=\"_blank\" rel=\"noopener\" title=\"Donald Trump\">Donald Trump<\/a> is praising a rule change by his <a href=\"https:\/\/www.washingtonexaminer.com\/tag\/treasury-department\/\" target=\"_blank\" rel=\"noopener\" title=\"Treasury Department\">Treasury Department<\/a> that ends the reporting requirement for so-called beneficial ownership information, possibly after receiving a push from Elon Musk.<\/p>\n<div class=\"article-paywall\">\n<p style=\"text-transform:none\">&ldquo;Exciting news!&rdquo; Trump <a href=\"https:\/\/truthsocial.com\/@realDonaldTrump\/posts\/114096106742782827\" target=\"_blank\" rel=\"noopener\" title=\"posted\">posted<\/a> on Truth Social late on Sunday. &ldquo;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.&rdquo;<\/p>\n<p>    <iframe src=\"https:\/\/truthsocial.com\/@realDonaldTrump\/114096106742782827\/embed\" class=\"truthsocial-embed\" style=\"max-width: 100%; border: 0\" width=\"600\" allowfullscreen=\"allowfullscreen\"><\/iframe><script data-cfasync=\"false\" src=\"http:\/\/www.washingtonexaminer.com\/cdn-cgi\/scripts\/5c5dd728\/cloudflare-static\/email-decode.min.js\"><\/script><script src=\"https:\/\/truthsocial.com\/embed.js\" async=\"async\"><\/script>    <\/p>\n<p>The announcement came one day after Musk, the billionaire and Department of Government Efficiency leader, posted on X that he would &ldquo;<a href=\"https:\/\/x.com\/elonmusk\/status\/1896005328338371043\" target=\"_blank\" rel=\"noopener\" title=\"look into\">look into<\/a>&rdquo; changing the rule in response to a complaint about it. Trump and Musk were seen hanging out together at Mar-a-Lago over the weekend and flew back to the White House together aboard Air Force One on Sunday evening.<\/p>\n<p style=\"text-transform:none\">The Biden-era rule required companies to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/u-s-lawmakers-urge-doj-to-open-criminal-investigation-into-cuomo-for-alleged-obstruction-of-justice\/\" title=\"U.S. Lawmakers Urge DOJ To Open Criminal Investigation Into Cuomo For Alleged Obstruction Of Justice\">report information<\/a> about their beneficial owners to the Treasury Department&rsquo;s Financial Crimes Enforcement Network. <\/p>\n<p>A <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/fact-check-does-donald-trump-own-half-of-moderna\/\" title=\"FACT CHECK: Does Donald ... \u2018Own Half Of Moderna\u2019?\">beneficial owner<\/a> is <a href=\"https:\/\/www.fincen.gov\/beneficial-ownership-information-reporting-rule-fact-sheet#:~:text=Beneficial%20Ownership%20Information%20Reports%20*%20When%20filing,of%20the%20required%20information%20about%20the%20individual.\" target=\"_blank\" rel=\"noopener\" title=\"defined as\">defined as<\/a> someone who exercises substantial control over a reporting company, and the aim of the rule was to cut down on money laundering and shell companies.  <\/p>\n<p style=\"text-transform:none\">But Trump blasted it as an &ldquo;absolute disaster&rdquo; for small businesses and said the Treasury is also finalizing a new regulation to suspend the rule.<\/p>\n<p style=\"text-transform:none\">&ldquo;The economic menace of BOI reporting will soon be no more,&rdquo; he wrote. <\/p>\n<p>The Treasury Department explained the move in a <a href=\"https:\/\/x.com\/USTreasury\/status\/1896348155522039985\" target=\"_blank\" rel=\"noopener\" title=\"series\">series<\/a> of X posts, explaining that it will not enforce penalties or fines associated with the reporting rule.<\/p>\n<p style=\"text-transform:uppercase\"><strong><a href=\"https:\/\/www.washingtonexaminer.com\/news\/white-house\/3330560\/trump-tariff-threat-canada-mexico-undermine-future-trade-deals\/\" target=\"_blank\" rel=\"noopener\" title=\"Trump&rsquo;s tariff threats could undermine future trade deals\">Trump&rsquo;s tariff threats could undermine future trade deals<\/a><\/strong><\/p>\n<p>&ldquo;The Treasury Department will further be issuing a proposed rulemaking that will narrow the scope of the rule to foreign reporting companies only,&rdquo; it announced. &ldquo;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.&rdquo;<\/p>\n<p>&ldquo;This is a victory for common sense,&rdquo; Treasury Secretary Scott Bessent said. &ldquo;Today&rsquo;s action is part of President Trump&rsquo;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.&rdquo;<\/p>\n<\/div>\n<p> <script>!function(){var g=window;g.googletag=g.googletag||{},g.googletag.cmd=g.googletag.cmd||[],g.googletag.cmd.push(function(){g.googletag.pubads().setTargeting(\"has-featured-video\",\"true\")})}();<\/script><script>var _bp=_bp||[];_bp.push({\"div\":\"Brid_2024631\",\"obj\":{\"id\":\"27789\",\"width\":\"1280\",\"height\":\"720\",\"stickyDirection\":\"below\",\"video\":\"2024631\"}});<\/script><script defer src=\"https:\/\/services.brid.tv\/player\/build\/brid.min.js\"><\/script><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<div class=\"tdb-block-inner td-fix-index\"><\/div>\n<p><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Trump hails the repeal of &#8216;invasive&#8217; Treasury reporting rule<\/p>\n","protected":false},"author":2635,"featured_media":2408890,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/Trump-Treasury-Department-Beneficial-Ownership.webp","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[8705,51421,3778,3634],"class_list":["post-2408889","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","tag-praise","tag-rule-2","tag-treasury","tag-trump"],"fifu_image_url":"https:\/\/www.washingtonexaminer.com\/wp-content\/uploads\/2025\/03\/Trump-Treasury-Department-Beneficial-Ownership.webp","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2408889","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/2635"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2408889"}],"version-history":[{"count":3,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2408889\/revisions"}],"predecessor-version":[{"id":2408893,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2408889\/revisions\/2408893"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2408890"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2408889"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2408889"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2408889"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}