Treasury Department Protects Ag from Corporate Transparency Act

On this episode, NCBA Executive Director of Government Affairs Kent Bacus joins to share an update on the U.S. Treasury Department’s new interim final rule that protects small businesses, including farms and ranches, from excessive mandates under the Corporate Transparency Act. The interim rule is a sigh of relief for cattle producers who are no longer required to file invasive beneficial ownership information with the Financial Crimes Enforcement Network (FinCEN), a division of the U.S. Department of the Treasury. Bacus explains how the Trump administration and Treasury Secretary Scott Bessent reeled in the Corporate Transparency Act and ensured it was focused on criminals and money launderers instead of law-abiding family farmers and ranchers. He also details NCBA’s engagement on this issue to protect cattle producers from government overreach.