Trump Praises Suspension of Beneficial Ownership Reporting Requirement, Cites Biden-Era “Disaster”

President Donald Trump took to Truth Social on Sunday to celebrate the Treasury Department’s announcement that it is suspending enforcement of the Beneficial Ownership Information (BOI) reporting requirement for US citizens and domestic companies, Fox News reports.

Trump characterized the Biden-era initiative as an “outrageous and invasive” regulation that has been a “disaster” for small businesses.

The BOI reporting requirement, as explained by the IRS, mandated that certain information about the beneficial owners of companies be reported to the Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN).

In his Truth Social post, Trump declared:

“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. 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.”

The Treasury Department subsequently confirmed the move on X (formerly Twitter), stating that penalties or fines associated with BOI reporting would not be enforced against US citizens, domestic reporting companies, or their beneficial owners. The department indicated that its enforcement focus would shift to foreign companies only.

“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 wrote on X.

Treasury Secretary Scott Bessent lauded the decision as a victory for “common sense.”

“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.”

The decision to suspend enforcement of the BOI reporting requirement comes as Trump’s executive orders are tweaking border tariffs and is said to align with his broader economic pledge to cut between $1.5 trillion and $2 trillion in federal spending.