cross-posted from: https://news.abolish.capital/post/71226
The Trump administration has finalized a rule that will allow shell companies and other questionable entities to conceal their ownership from federal investigators, in a move that critics say will only further facilitate corruption in the U.S. The Treasury Department’s Financial Crimes Enforcement Network announced on Tuesday that it is ending the regulation that requires companies to…
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How does this help the people?
Seriously, for his maga base. When they see this, how do they rationalize it as a good thing for them?
They wont see this, they are to busy getting flooded with sports updates from some random trans teenager.
There is this site i got advertisement for that shows news “on both sides” and it highlights how some news like the above only exists for one side.
When they see this
Yeah, that’s the thing.
Reminder that it is an actual cult and cult propaganda is literally all they will see.
Yep. Just had a “discussion” (can’t really call it that because it immediately devolved into ad hominems from their side) with a MAGA the other day. Quoted them some statistics that they demanded sources for, from a US govt site. Their reply was that unless the data comes from the orange turnip’s temu twitter, or some other MAGA source, they don’t accept it.
They will not hear a fucking word of it
A lot of conservatives think that if something is done within the bounds of law, then it’s not a bad thing. If your leadership removes a law, then that illegal thing, is now magically legal. It doesn’t matter what that thing was, it’s removing “red tape”.
Except when that thing is giving rights to or protecting women, minorities, or marginalized groups.
That’s what the new laws are for, oppressing everyone else.
“Doesn’t affect me, don’t care.”
The fact that they will be nickeled and dimed even harder by profit margins and get less back from tax services will go right past them. Try to explain it and their eyes will glaze over before you get two words out.“The orange furher glazed when I gave him a blownjob so he loves me and will never do anything that’s not in my best interest.” *
*
the next time they get checked for STDs they probably find out he gave him all the stds, and maybe some new ones. Of course because we no longer have reliable sex-health services like planned parenthood, that’s probably at their autopsy.
Easy, it’s been framed to them as a storm they have to weather in order to get rid of the people they don’t like who are causing all the real problems. They see something bad for the economy or whatever and think “I can handle this, but hopefully all those brown people I see around will be run out of town!”
It’s “removing red tape” and they’ve been told over and over again that removing red tape is a good thing.
That implies Fox or OAN actually mention it.
The thing is, maga does not need rationalization. Trump appeals to their emotions, he’s a human ragebait.
Honestly how can The People exploit this? I dunno maybe we should all educate ourselves real carefully on how shell companies work and take advantage of this stupid nonsense.
“Oh no, sorry nobody’s paying taxes for your war machine funding… it’s all tied up in random shell companies!”
They are all just temporarily disadvantaged millionaires anyway. One day they will exploit the same loopholes.
I’m shocked, shocked I tell you!
Shocking that there were still anti-corruption rules they forgot to abolish.
We’re fucked.
How can he repeal a law from congress?
He didn’t repeal the law. He repealed an administative rule/regulation (that was never really implemented in the first place).
The law was the NDAA (part of which was the Corporate Transparency Act). Those laws still exist. Ordinarily when a “law” is passed by congress it’s too goddamn vague to implement. So federal agencies start the administrative rulemaking process (which usually takes years to decades) and eventually the appropriate federal agency implements some set of regulations that are the agency’s best effort to implement what they think congress kinda meant with the original law.
In this case, when Biden was president, a rule was passed to implement part of the Corporate Transparency Act that required corporations to report “beneficial owners” to the Financial Crimes Enforcement Network (FinCen). The presumption of this rule was that if you are a beneficial owner of a corporation (but not a big one), you are a criminal or will be, and FinCen needed to know who you are to come bust your ass in the future. The rule was created and implemented fairly quickly in federal rulemaking terms, and like most contentious regs, it was immediately challenged in court, and there were injunctions and reinstatements. and and FinCen was on-again and off-again in telling people to report or not report. It was a shitshow, but moreover, it had a very short compliance deadline, and real teeth in terms of fines, and even by FinCen’s own estimates most “beneficial owners” of corporations had no idea the rule even existed. It was the sort of thing that wouldn’t be hard for the well heeled people to work around, but a pain in the ass for ordinary small corporations. It was feel-good legislation that wouldn’t have done much to stop crime (because we kinda know who the big financial criminals are anyway).
The regime generally uses the strategy of “you can just do things”, and nobody, of any political or non-political persuasion, at any agency or institution anywhere in the country, has the fucking stones or morals to do fuck-all about it. This is a demonstrable truth. This is why we are here. This is how we got here.
The opposition simply… isn’t.
Because the Senate has been controlled by corrupt Republicans for an entire human generation, which means no laws governing finance have actually passed in ages. As a result all governing has had to be done through executive order because it’s literally the only way to get things done.
It’s a terrible and unstable way to govern a country, because when the next guy comes in he gets to just say “nah I’m not gonna do that”. See also: the FCC rule requiring your bills to have an actual breakdown of the costs and fees that Trump just threw away.
I think it’s because it was a rule created to fulfill the voted on act—and department creates the rules. In my understanding, the departmental role in actual rule making and implementation is where it gets wiggly. Please someone correct me/clarify at will! https://www.msn.com/en-gb/money/financial-regulation/trump-administration-wipes-beneficial-ownership-database-in-permanent-removal-of-anti-corruption-safeguards/ar-AA2a2jBD
This is what I want to know
That dude has a very punchable face.
He looks like a thinly disguised parody of Jeb Bush
What happens when I pull this linchpin? Criminal, you say. How about when I pull this one? Millions killed. This one? Billions made! Keep pulling guys!
This “headline” misses the mark. Nothing has changed; the rule that was “ended” here never fully went into effect in the first place.
There was a brief period where FinCen was accepting BOI reports, but most people weren’t doing them because it was ping-ponged in the courts a lot, and the reasonably intelligent among us could see that this was the corporate version of “protect the children.” It created a “pre-crime” reporting burden that we actually didn’t need because we’ve know who the fucking criminals are.
They wouldn’t be so blatant about it if it wasn’t a distraction.
