Treasury Suspends Enforcement of Corporate Transparency Act Penalties
The Biden-era law requiring small businesses to report ownership details faces rollback under Trump administration, with future focus shifting to foreign companies.
- The U.S. Treasury Department announced it will no longer enforce penalties or fines under the Corporate Transparency Act (CTA) or Beneficial Ownership Information (BOI) reporting requirements for U.S. citizens and domestic companies.
- President Donald Trump celebrated the decision, calling the BOI reporting requirements 'outrageous and invasive' and a 'disaster' for small businesses.
- Treasury Secretary Scott Bessent described the move as a 'victory for common sense' and part of Trump's broader agenda to reduce regulatory burdens on small businesses.
- The CTA, enacted in 2021 under the Biden administration, aimed to combat money laundering and financial crimes by requiring certain businesses to disclose detailed ownership information.
- The Treasury plans to issue new rules narrowing the scope of the CTA to apply primarily to foreign reporting companies, further limiting its domestic impact.
Fox Business 
