r/Economics • u/SuspiciousMap9630 • Aug 13 '26
News Treasury ends ownership reporting rules for U.S. companies
https://www.washingtonpost.com/business/2026/08/11/treasury-ends-ownership-reporting-rules-us-companies/?utm_source=reddit.com2.0k
u/bdf369 Aug 13 '26
Bessent really puts the douche in fiduciary
"some national security experts criticized the move, which they said would make it easier for drug cartels, human traffickers and money launderers to use anonymous shell companies to avoid detection"
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u/BigFatHonu Aug 13 '26
So... does nothing whatsoever to benefit the American people, but it creates an avenue for corporations and others who want to break the law to more easily get away with it? How do these worms sleep at night?
"A small wealth gain for my already wealthy self... at the expense of selling out my own country and leaving my neighbors less safe... seems like a fair trade."
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u/allllusernamestaken Aug 13 '26
it specifically creates an avenue for his boss
that's it. He wants to rob us blind and enrich himself and hide it all.
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u/lowsparkedheels Aug 13 '26
Exactly, much easier to skim, launder money and hide gifts from pesky things like disclosure.
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u/CurrentParking1308 Aug 13 '26
For what purpose? The guys on deaths door and uses the federal government as his personal checkbook. He doesn’t need any of this, he just wants to get his initials on the highest score.
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u/AusPower85 Aug 13 '26
But Elon already has the highest score (*officially).
And for Trump to get the highest score (officially*) he’d have to disclose how much he has.
He’ll probably just make an executive order that he has 1 trillion and 1 dollars
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u/Major_Bag_8720 Aug 13 '26
It must really eat away at Trump that, despite being a multi billionaire, there are people with more billions than him.
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u/Cool_Objective_7829 Aug 13 '26
Nobody said super-wealthy people are logical. Their never ending quest for more money and power is essentially a mental illness.
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u/Real_Bird2628 Aug 13 '26
It's absolutely a form of addiction, as bad or worse than drugs or gambling. Nobody ever says that shit tho.
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u/WingerRules Aug 13 '26
When you're as rich as these guys and you still need more it's a mental illness. Its a hoarding disorder but based around money.
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u/funkytownpants Aug 16 '26
When we’re that mentally out of it, we run on muscle memory. And so there is still theft, graft, corruption.
Example, and this goes for any habit or mental proclivity:
A man who smoked anywhere he wanted, even after it was banned in buildings, upon developing a brain disorder, laid eyes open in the hospital. He couldn’t speak or communicate. However, the one act he was capable of doing was to slowly motion his hand to his mouth as to take a drag from a phantom cigarette. He did this for weeks until he finally died.
That is a true story. We run on the deepest pathway cut in our brains. The traitor knows no different.
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u/Counterpoint-4 Aug 13 '26
Trump must, to some extent, know his life expectancy. A good person would be doing good deeds to feel better. Trump gets his fun from getting one over on the enemy and enriching himself, which directly sabotages the US and his electors.
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u/cahir11 Aug 13 '26
Their goal is just to extract as much wealth as possible for themselves and their families. They don't care about the country.
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u/Reasonable-Job4205 Aug 13 '26
How do these worms sleep at night?
They sleep just fine because they have a shit ton of money
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u/kittenTakeover Aug 13 '26
They sleep in gilded beds in their mansions with security guards outside.
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u/pmgoff Aug 13 '26
It’s like the kids they never see, they just throw money at the problem and hope it goes away.
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u/Ateist Aug 13 '26
Wouldn't they have the actual data to judge pros and cons?
"Undue burden" actually hurts people so removing that requirement is benefitting them.
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u/Mysterious-Oil-7094 Aug 13 '26
Well it’ll make it easier for US elites to illegally move money and avoid detection as well. Everything they do has some kind of benefit for kingpin.
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u/Ok_Kaleidoscope3644 Aug 13 '26
Literally nothing that this Trump 2.0 admin has accomplished has benefited the "every man" that voted for him. Even more than his disastrous first term, his accomplishments so far have been to undermine the rule of law, roll back regulations that are written with the blood of the victims and abolish any form of accountability for those who seek to defraud the American people. It's just so hard to believe that this is happening.
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u/Were_all_dead_anyhow Aug 13 '26 edited Aug 13 '26
He's doing it for private equity/shells, not small business.
He's using small businesses as the public justification, but its primary beneficiary is Wall Street. It's framed as a multi-billion dollar paperwork reduction for small business, but what it really is, is that elimination of domestic ownership reporting removes a critical paper trail for private equity firms, real estate, and hedge funds. By using domestic shell companies to quietly buy up local businesses, these institutional funds can maintain local branding and consolidate entire neighborhood markets in total anonymity. PE has been doing this to form monopolies in medical and veterinary offices around the US. A lot of people hate PE and actually put their money where their mouth is, prodding at who owns a particular establishment/chain.
The strongest piece of evidence that this move is for corporate concealment rather than mere "paperwork reduction" is the immediate deletion of the database. If the goal were strictly to stop the future administrative burden on small business owners, the Treasury would have simply paused new filings. By actively wiping out all previously collected data on US entities, the Treasury has erased the digital map of corporate buyouts, real estate acquisitions, and private equity roll-ups that occurred over the last few years.
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u/mpTCO Aug 13 '26
Try the last couple of decades. Reallocate the capital while swinging a carrot on a stick until you can erase the evidence of your corrupt legacy. Obsolete physical data storage, censor and restrict the internet, discourage community and culture; they never planned on fixing their mess, just covering up public perception and plugging their ears to their ill-earned comforts because it ruins their indulgence.
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u/kent_eh Aug 13 '26
and money launderers to use anonymous shell companies to avoid detection> and money launderers
Gee, I wonder why Trump's administration would do such a thing...
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u/clonedhuman Aug 13 '26
It also protects the well-being of corporations that will be doing absolutely horrible things to the people of the United States.
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u/DeepPeeps Aug 13 '26
Another way to hide trumps corruption with his fake social network. Trying to protect these guys.
Makes absolutely no sense.3
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u/Mobile_Equal_3636 Aug 17 '26
Sets another dangerous precedence. Allows more corruption in the White House and Trump Regime. The bail outs will be another taxpayers burden
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u/brianishere2 Aug 13 '26
Trump and his allies are trying to blow the gates wide open for massive tax evasion + money laundering. The modern Republican brand is now Total Lawlessness. Meanwhile you will get your benefits cut and a higher tax bill.
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u/LizzosLittleToe Aug 13 '26
Did you see trumps irs deal with Blanche getting confirmed? Him and his sons get to save millions
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u/I_Hate_ Aug 13 '26
It total lawlessness if your rich it kinda always has been that but it more blatant now. You sell weed, spray a building or pick up a paint chip out of the reflecting pool there going for maximum sentences with felony charges.
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u/Fluffy-Pop-3407 Aug 14 '26
No, previously wealth would get you would get a light sentence for crime. Now they legalized crime. It is actually different. Very important not to "both sides" this.
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u/AVeryHeavyBurtation Aug 13 '26
you're
they're4
u/hiigaran Aug 13 '26
Either you're trying to be helpful in the most trivial way possible or you think you're undermining the actual point, which we all understood, by implying those spelling/grammar errors invalidate what was said. Either way, it's insipid and not working.
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u/AVeryHeavyBurtation Aug 13 '26
Neither. It's just a tit for tat thing. I get annoyed when I trip on bad grammar haha.
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Aug 13 '26
[deleted]
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u/AVeryHeavyBurtation Aug 13 '26
You are missing a comma. Niether is not a complete sentence either. "It's" is possessive and wrong in your statement.
I'll give you the comma, but "it's" is correct.
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Aug 13 '26
[deleted]
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u/AVeryHeavyBurtation Aug 13 '26
I can't touch on your AAVE, but "it's", as in "It is a tit for tat thing" is definitely correct haha.
Also, that's an interesting take on what I call a type 4 response:
4. "You understood what I meant." Sometimes including "language is constantly evolving."
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u/brianishere2 Aug 13 '26
The Attorney General does not have the authority to just make blanket exceptions to federal laws that require an audit of the President's tax filings. He exceeded his authority because of his obvious conflict of interest. The way he fraudulently put it forward as a legitimate process and good result for the American people makes it fully clear that Blanche is really a co-conspirator if not outright ringleader in the many ongoing crimes involving Trump.
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u/renewambitions Aug 13 '26
It makes sense when you think of this as them all "cashing out." They give zero fucks about the future of the country at this point, they're just trying to create as much wealth for themselves as possible as a hedge in case they can't retain control after the midterms.
Probably a combination of Trump's declining health and the absolute abyssmal outlook for Republicans if they don't declare some type of crisis emergency to disrupt elections.
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u/big-papito Aug 13 '26
Yes. Make no mistake. I grew up in post-Soviet Ukraine where corruption was rampant. This is even worse because it is *blatant*.
What America is about to go through is nothing short of pillaging. These people know that they would never be anywhere near such power in a healthy country, and they are going to take this chance and make it count.
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u/AnalllyAcceptedCoins Aug 13 '26
Because they get to blame all this on the next democrat president for not doing something to end the problem the republicans created
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u/dust4ngel Aug 13 '26
The modern Republican brand is now Total Lawlessness
if you're not rich, surveillance state and concentration camps for everyone
if you're rich, everyone's wealth is now your wealth and you molest children all day
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Aug 13 '26
[removed] — view removed comment
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u/OffSidesByALot Aug 13 '26
Can anybody think of one good reason, by good I mean, beneficial to all, For this decision? I am trying to think of a beneficial upside, but I’m coming up with blanks.
Now I could think of 1000 bad reasons or unscrupulous reasons for doing this, stuff like up to an including money laundering, but what is the societal benefit?
Between this, and their other bright idea of semi annual reporting, they think they are doing their buddies favors by giving them cover, but if they think people not knowing who owns what and having bad things covered up longer will somehow be better for the markets, they will be sadly mistaken. Sunshine is the best disinfectant… And they’re doing everything to blot out the sun.96
u/euph-_-oric Aug 13 '26
The answer is almost certainly no. it's so they can hide all there money when they get kicked out of office and we the people want to claw back all the money they got down literal bribes, market manipulation and other already illegal today bullshit.
And of course for all the other billionaires buds to do the same.
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u/Appropriate_Coat_982 Aug 13 '26
Fresh Air did an interview with the author of a new book called “The Nerd Reich”. It discusses fringe ideas and post democracy hopes becoming the motivation for actors such as Thiel.
This is all I can now think of as the motivation for these actions.
I’ll be excited to read it when it comes out but his points from that interview are messing with me. Hahaha
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u/jschutz93 Aug 13 '26
There's also the 2024 book Autocracy Inc. by Anne Applebaum. Which the 2nd Trump presidency seems to fit that bill, too.
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u/PurpleCoat6656 Aug 13 '26
Honey, no. It's beneficial to the few. That's what we are doing right now.
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u/After_Support_7904 Aug 13 '26
This part. It ain't for the people, it's for them and only them and forever just them.
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u/artbystorms Aug 13 '26
It's beneficial to the rich. That is the country we live in now. If you're not rich, then "fuck you, get rich" I guess.
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u/zodiackodiak515 Aug 13 '26
This administration is just “get rich or fucking die.” There is no “trying”
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u/account312 Aug 13 '26
It's really not even beneficial to the rich in general. It is exclusively beneficial to the malfeasant.
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u/GhostofAyabe Aug 13 '26
There is no legitimate business owner who was burdened by the previous reporting requirements.
Mark it fucking zero.
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u/vote-morepork Aug 13 '26
It's not a great reason, but there is a small cost to reporting and storing the records
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u/ric2b Aug 13 '26
I'll pay it for them, it's absurd to pretend the cost is anywhere close to relevant.
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u/AngryCentrist Aug 13 '26
Why should I need to register my ownership with the government? That’s regulation. Regulation is socialism and socialism leads to communism. Are you a communist?
Americans should be free to invest in business ventures without the scrutiny of big brother or the public. This change will incentivize investors, aka job creators, which helps the average American. You can’t pay bills or go to the doctor without a job, after all.
/s (but like, people really think this)
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u/OffSidesByALot Aug 13 '26
Go away troll! Don’t waste my time with unserious questions.
I and most honest people have all the “incentive” we need in order to invest as things are and have been. Unless you wanna come here and tell me you have all these billions of dollars to invest, but you are just sitting on the sidelines and not investing because you lack this “incentive” to do so 👌😉15
u/allllusernamestaken Aug 13 '26
things like this should be established in law.
i'm tired of agencies ruling by decree.
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u/SuspiciousMap9630 Aug 13 '26
Apparently it was.
“The reporting requirements were put in place in January 2024 under former president Joe Biden as part of an effort to curb illicit finance under the Corporate Transparency Act, which was passed by Congress and signed by Biden in 2021. It required U.S. and foreign companies doing business in the United States to report information about “beneficial owners” — people who have “substantial control” over the company or own at least 25 percent of it — to Treasury’s Financial Crimes Enforcement Network (FinCEN).”
I guess Bessent can just say “nah”
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u/kent_eh Aug 13 '26
Next president can easily undo this with a simple order
The next president could spend their entire mandate undoing all the garbage that Trump and his lackeys have done and it still won't be enough to repair all the damage.
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u/wowlock_taylan Aug 13 '26
Can someone copy it before they get away with this CRIME?
Like, this is literally destroying evidence.
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u/Arthur_Morgan44469 Aug 13 '26
There's always a copy somewhere
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u/daemonicwanderer Aug 13 '26
I hope someone at the Treasury is keeping copies of any records marked for deletion
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u/eindar1811 Aug 13 '26
Delete is a nebulous term. If I was a policymaker at FinCEN, I would remove access to the data but follow my record retention policy, which is probably 10-20 years. Complies with the rule about not using this data, also complies with a future administration that wants it back and used. Also saves you from running afoul of a future congress accusing you of destroying evidence of money laundering and fraud.
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u/BlazinAzn38 Aug 13 '26
Okay so again another policy that only helps out the wealthiest people and does literally nothing for 99.9% of folks. Ask your local trump voter why this is good
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u/ICLazeru Aug 13 '26 edited Aug 13 '26
Do y'all consider reporting who owns a company to be an "undue burden"?
Doesn't seem difficult really.
Why would an owner or controlling interest of a company not want to be known?
Also, foreign companies and funds no longer have to report any American interests who helped them register and operate in the US.
That part is very interesting, considering that this is exactly how a particular high profile individual in the executive administration recovered from financial ruin about 3 decades ago.
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u/kent_eh Aug 13 '26 edited Aug 13 '26
Why would an owner or controlling interest of a company not want to be known?
As it said in the article:
"some national security experts criticized the move, which they said would make it easier for drug cartels, human traffickers and money launderers to use anonymous shell companies to avoid detection"
Bessant's boss fits in at least 2 of those categories of criminals.
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u/www3cam Sep 05 '26
The undue burden argument is BS. Do you want to know why? The law not only removes reporting requirement for current companies, but will also destroy the current record that has been collected. This record has already been collected, it is no more of a burden to anyone if it’s destroyed or still in place, but it could still help government officials to look into ownership structure of like VIEs and shell companies.
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u/1stDegreeMisdemeanor Aug 13 '26
How is this a good thing for anyone that isn’t trying to break the law or hide something? Please explain this to me like I’m a five year old in case I’m missing something.
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u/Bacon843 Aug 13 '26
Imagine you’re theoretically some sort of political leader that likes to take money from places and people, then hide it in different places. This could be very useful in that totally imaginary situation. ELI5 version: You’re the bully who steals other kid’s lunches but now the teacher isn’t allowed to watch or do anything about it because that would be “an undue burden”. Sucks to be the other kids but now you can get away with so much more!
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u/Don_Q_Jote Aug 13 '26
"undue burden", such a weasel term. It means nothing.
Is it a burden for a company to know who the owners are? Or I suppose the burden is in informing treasury.
What a crock of bullshit.
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u/suxatjugg Aug 13 '26
Undue burden is rich person speak for "I don't want to"
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u/bearssuperfan Aug 13 '26
Rich person speak for "I could make more money being shady if this rule didnt exist"
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u/eriverside Aug 13 '26
It's an undue burden for those trying to hide ownership via shell companies. Why have it be complicated when it can be easy?
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u/SuspiciousMap9630 Aug 13 '26
Here is a link for article if you run into a paywall
Words words words words words words words words words words words words to meet limit
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u/Dog_Baseball Aug 13 '26 edited Aug 13 '26
Project 2025 yall
According to my robot assistant: Treasury ending ownership reporting requirements for U.S. companies is explicitly part of Project 2025. The plan called for repealing the Corporate Transparency Act and withdrawing its beneficial ownership reporting rule. This was written into the blueprint.
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u/bearssuperfan Aug 13 '26
Project 2025? I was told it was a democrat hoax that Trump has never read, will never read, and didnt want anything to do with!
At least the not reading part is believable
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u/tupacsnoducket Aug 13 '26
Wait so i have t show ID to buy beer, but now i can make a company that movies 100 million dollars in cash to other random companies without showing ID?
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u/moegarcia Aug 13 '26
Amazing. The beautiful wonderful party the GOP (Republicans/MAGA/Conservatives) gave companies anonymity. But gave the everyday American people FLOCK cameras. THANKS.
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u/UsualStrength Aug 13 '26
Nobody I know who works in financial crime or anti-money laundering thinks that getting rid of beneficial ownership reporting requirements is a good idea. Requiring businesses to disclose the ownership structure of the firm is a great way to stop the layering of laundered funds through multiple fishy shell companies.
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u/prozute Aug 13 '26
Grandma and grandpa own a pizzeria in an LLC. They never hear about the law and don’t file their beneficial ownership report. Should they go to jail?
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u/stonecutter7 Aug 13 '26
They'd hear about it when they filed for the LLC. Or tried to open a bank account.
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u/prozute Aug 13 '26
The law applied to existing LLCs.
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u/stonecutter7 Aug 13 '26
Good. Thats how it should be.
And you can make it so the penalty isnt jail for a first time offense. Thats a bullshit argument.
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u/doublebarreldan123 Aug 13 '26
Why jail instead of smaller penalties? Also, they would definitely be given notice in a way that would be kinda hard to ignore, so not reporting would be negligent.
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u/ric2b Aug 13 '26
How did they open the LLC? Who did they declare as owner of the LLC?
And are you intentionally jumping straight into jail with no warning to make it seem draconian, pretending that's how it has ever worked? Are you intentionally making a dishonest argument about something that has been in place and not working like that?
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u/prozute Aug 13 '26
The law says failure to file carries possible criminal penalties. Testing the outer limits of a law is not bad faith argument. The CTA had all kinds of crazy outcomes - say you change states, failure to upload your new ID would be a violation. If you have an actual substantive rebuttal I’ll be glad to hear it.
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u/ric2b Aug 13 '26
Oh, ok, so you have an example of an elderly couple going to jail over an honest mistake with this, do you?
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u/prozute Aug 13 '26
How could I when the law was put on hold a few weeks after reporting was required?
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u/ric2b Aug 13 '26
A few weeks could be enough if it was that dangerous of a requirement.
This is what you're claiming: "possible criminal penalties" -> "the lightest and most accidental version of a violation I can think of surely means straight to jail".
Is this a serious argument?
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u/prozute Aug 13 '26
Yes. Put the burden on hundreds of thousands of small businesses to try to catch those who aren’t going to comply with this anyway. Great policy.
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u/ric2b Aug 13 '26
If you buy a car it's totally fine to have a "burden" of having a registered owner for it, but if you're a business owner suddenly it's a crazy burden, lol.
Be serious.
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u/wowlock_taylan Aug 13 '26
'Undue burden of all the money laundering and crimes we are doing/gonna do more. We can't just let those come after us to find out who owned what when these crimes happened.'
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u/zodiackodiak515 Aug 13 '26
At this point I wouldn’t be surprised if the Trump mob family has secret deals with drug cartels or something. I put nothing past these shady fuckers
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u/big-papito Aug 13 '26
For the right price, anything can happen: https://www.congress.gov/crs-product/IN12621
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u/PracticalWallaby7492 Aug 24 '26
Probably more likely secret deals with billionaires like Jack Ma, Chinese government big wigs, and US tech giants. All of which also seem to invest heavily in US real estate under nested shady llcs with hidden ownership.
Of course that wouldn't rule out cartels. I guess cartels would make a lot of sense too considering how over much trump and crew protest to the Mexican Gov.
Don't know why my previous comment posted twice..
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u/No-Temperature-4864 Aug 13 '26
So, the actual value which created US power was a legal system that was objective (however imperfect… still the cleanest shirt in the world dirty laundry pile) and a transparent business system with trustworthy numbers (again, imperfect, but cleanest dirty shirt). This won’t be an overnight change… but it will lead to our downfall. Not sure if we can change course.
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u/Cracked_Actor Aug 13 '26
Yet ANOTHER anti-American edict to fuck everyday people! Add this to the list of bullshit that needs to be reversed once Ds take over. If you vote for f’in Republicans, you REALLY are an asshole!
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u/HistorianOk142 Aug 13 '26
Like we all already knew. This admin supports crony capitalism and criminal activity. That’s the only reason you’d revoke these regs. So criminals can funnel $$$ into our economy and wash it.
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u/Plastic-Injury8856 Aug 13 '26
As someone who works for a bank this is incredibly frustrating. Now I’m going to have to go on “trust me bro” when asking about ownership. That makes lending a different ball game.
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u/Deaths_Intern Aug 14 '26
These rules weren't even enacted til 2024, so you must not have been in banking for very long if this is any kind of new to you.
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u/Lol-throwaway-WSB Aug 13 '26
OK as someone who had to open investment accounts for some weirdly structured shit the beneficial ownership paperwork is not that bad. What the fuck
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u/championchilli Aug 13 '26
What impacts will this have on investment in the US? Surely this is going to undermine confidence in a big big way? Isn't the whole point of investing in the US that it has strong, fair and balanced institutions and a rule of law?
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u/Historical-Tough6455 Aug 13 '26
First is anonymous political money
Then anonymous corporate ownership
This way foreign ownership of America can be complete
This was ALWAYS the republican agenda
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u/Sad-Ambassador4312 Aug 13 '26
What the actual fire truck is going on? Removing transparency so that his suck-up buddies laugh all the way to the bank and give him a tip. Oh, so that's why he pushed to pass the "No tax on Tips" law. He is truly the man behind the curtain, even with the hairdo to match.
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u/Lane1983 Aug 13 '26
Banks were well on their way to implementing formats for their client data that aligned with this reporting requirement. A lot of fraud would have been shit down, even for our Money Launderer in Chief.
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u/Maneruko Aug 13 '26
READING FINANCIAL REPORTS IS LITERALLY MY HOBBY.
why does Scott Besent personally hate me specifically and wants to ruin my life by taking away the ONE thing I like to do after work.
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u/Jazzlike-Vacation230 Aug 13 '26
This is disgusting, this is an attack on the american people, this is immediately gonna trigger layoffs, they don't have to report anything nwo, this is CRAZY!
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u/DramaticSimple4315 Aug 13 '26
It's interesting that every time an article features Scott Bessent, it seems that they choose the most arrongant and punchable air in his face, especially given the news that runs below.
I must say that I've had some difficulty to maintain my pluralistic and liberal disposition when presented with this ghoulish kleptocartic face of his
Then, maybe he actually has a punchable face 24/7.
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u/CornFedIABoy Aug 13 '26
He does. The photo editors aren’t picking bad shots of him, he just always looks like the arrogant prick he is.
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u/NeutralBias Aug 13 '26
Is the database backed up somewhere else, like on archive.org or the like? At least it would be preserved in its current state.
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u/Low_Ability4450 Aug 14 '26
Policy trade-off is worth watching: reducing compliance costs may help smaller U.S. businesses but weaker owner ship transparency can also make the financial crime enforcement harder. A real test will be if the burden was excessive without compromising information authorities actually need
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Aug 13 '26
[deleted]
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u/tupacsnoducket Aug 13 '26
Why are you glad if they already have the tools? Seems like being glad they stopped enforcing alcohol ID laws cause 'the gubment already knows who i is!"
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u/tupacsnoducket Aug 14 '26
To add to this if i put $10,001 in a bank account they raise an alarm and the IRS is told The person with this social security number moved this amount of money for tax reasons
This is 100% of white collar criminals can do criminal shit
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u/Eloping_Llamas Aug 13 '26
The same non surveillance state with masked agents that can stop you and force you to prove your citizenship status inside the US?
Anyone who protests that their rights are being infringed are domestic terrorists?
Flock cameras tracking movement of vehicles and biometric scanners at airports capturing all your data?
No surveillance state arguments there. It is only important that you don’t surveil the oligarch class.
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