The Treasury Department has announced the suspension of enforcement for the Beneficial Ownership Information (BOI) reporting requirements, a Biden-era regulation that required U.S. citizens and domestic companies to report certain information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). This decision, praised by President Donald Trump and Treasury Secretary Scott Bessent, includes an emergency regulation to formally suspend the rule. The Treasury Department stated that penalties or fines associated with BOI reporting will no longer be enforced for U.S. citizens and domestic entities, shifting the focus to foreign companies instead. Secretary Bessent called the move 'a victory for common sense.' The suspension aligns with broader efforts to address regulatory costs, which reached $2.1 trillion in 2023, or approximately $15,788 per U.S. household. The administration has committed to cutting between $1.5 trillion and $2 trillion in federal spending to support small businesses and the economy. Additionally, the House recently passed H.J. Res. 61 to reverse other burdensome Biden-era regulations.