1. United States
2. S.C.
3. Letter

Once again, Trump's deregulations are helping big money corporations at the expense of the average American consumer. This is not escaping our notice! The Trump administration finalized a rule exempting U.S. companies and individuals from ‌reporting beneficial ownership information to the Treasury Department's financial ‌crimes unit, rolling back reporting requirements established under a 2021 law aimed ​at combating illicit finance. Beneficial owners are defined as anyone who has an ownership interest of at least 25% ​in a ​business or someone who exerts "substantial ​control" over the entity. FinCEN ‌had previously implemented rules requiring certain companies to report beneficial ownership data as part of anti-corruption and anti-money laundering efforts backed by lawmakers and the Treasury Department under former President Joe Biden. The Treasury Department said that FinCEN will delete previously ‌reported information by Americans from the ​government's beneficial ownership information database.