Article originally appeared on www.dailywire.com.
The Trump administration announced on Sunday that it would end an “outrageous” Biden-era regulation that required business owners to report personal data to the federal government.
The Treasury Department said that it would no longer be enforcing penalties or fines for domestic companies in relation to beneficial ownership information reporting requirements that were implemented under former President Joe Biden. The rule required people who had direct or indirect control of a company to report their name, birthdate, address, and a unique identifying number to the Treasury Department.
“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 said in a post on Truth Social. “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 …
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