Broad-strokes, unintended consequences could harm West Virginia
On March 26, 2025, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) filed an interim final rule that substantially relieves undue burdens on domestic businesses previously imposed by the Corporate Transparency Act (CTA). Along with 19 of my colleagues in other states, we wrote a letter encouraging President Trump to prevent federal agencies from pursuing or punishing hardworking Americans with which they disagree. We were successful, and now FinCEN will focus only on foreign businesses, which was the initial purpose of the regulation. This limited ...