Do you support the Trump administration's decision to repeal the rule that US businesses have to report who their owners are, and the deletion of existing data?
On Tuesday, the Treasury Department permanently repealed a rule that required businesses formed in the United States to report who owns them to federal financial-crimes investigators. Additionally, it also announced that all information already collected about US business owners would be deleted. Treasury Secretary Scott Bassent claimed the decision removes "a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security."
Small Business Administration Administrator Kelly Loeffler praised the decision, writing on social media that it will save American businesses $6.7 billion in compliance costs over the next decade. However, the Small Business Administration's own reports state that there are over 36.2 million small businesses in the US. If you divide that $6.7 billion by the number of small businesses, then divide by 10 since since the figure is "over the next decade," that equates to an annual cost to small businesses of about $18.50. That means compliance with the rule cost less than twenty bucks per year.
Reportedly, the rule that created the reporting requirements was supported by both law enforcement and human rights groups, who said it would help combat money laundering, corruption, and human trafficking, as well as the use of shell companies to hide them.
How do you feel about this rule being repealed and all collected data being deleted? Is simply reporting who owns a company truly that "burdensome" of a regulation?