Why does the administrative state hate people who work for a living?
Deep-state bureaucrats don’t build or sell anything. They regulate the people who do - and punish independence wherever it survives
Deep-state bureaucrats don’t build or sell anything. They regulate the people who do — and punish independence wherever it survives
The Trump administration has made Main Street a central priority — and limiting the reach of the Corporate Transparency Act’s Beneficial Ownership Information rule was one of its best decisions so far. The rule required small businesses to hand over sensitive ownership data to the Treasury Department’s Financial Crimes Enforcement Network, under threat of heavy fines and criminal penalties. Large corporations were mostly exempt.
After small-business owners and pro-business lawmakers protested, the administration moved quickly. In March, it issued an interim rule exempting U.S. small businesses and citizens from the reporting mandate. Treasury then opened a public comment period to shape a final rule. That comment window closed five months ago, and yet the final rule still hasn’t arrived.
Small-business owners want the exemption locked in for good — not left vulnerable to reversal by a future administration. Ohio Republican Rep. Warren Davidson’s Repealing Big Brother Overreach Act, with nearly 200 co-sponsors, aims to make that exemption permanent. But some lawmakers say they can’t codify until Treasury finalizes the rule. The delay is holding back…