A new rule approved on August 14 by the US Treasury Department permanently exempts US companies and citizens from reporting beneficial ownership, as required by the Corporate Transparency Act.

The measure, which also includes the deletion of previously submitted data, maintains obligations for foreign companies registered to operate in the country.

With the approval of this regulation, the deletion of previously submitted data on US citizens is expected. On the other hand, the requirement remains in place for foreign companies to register to do business in the United States, subject to disclosure to FinCEN.

The decision reduces the domestic scope of one of the broadest corporate disclosure rules recently passed in the United States. However, it “does not completely eliminate the transparency regime, because companies formed under foreign laws that register to operate in the country will retain their reporting obligations to FinCEN.”

Under the new legal tool, the concept of “reporting company” is redefined to exclude any entity formed under U.S. state or tribal law.

M.Pino

Source: diariobitcoin

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The US economy is facing a setback as a result of decisions made since 2015 by President Donald Trump, the Supreme Court’s ruling that the president’s tariff collection was illegal, and federal government spending that exceeds revenue by $2 trillion. All of this has pushed the sovereign debt above $4 trillion.

“This milestone was reached just five months after surpassing $39 trillion,” according to data released last Wednesday by the Treasury Department. According to the report, “Debt Calculated to the Penny,” “the total liabilities of the US federal government are $40.047 trillion.”

The situation is exacerbated by the increase in debt related to healthcare and social security, in addition to the interest payments made by the country. “This figure contrasts sharply with a previous forecast from the Congressional Budget Office, which projected that total debt would reach $39.4 trillion by the end of fiscal year 2026 in September.”

The projections are discouraging and assume that the debt will continue to rise, especially considering that the yield on the 30-year US Treasury bond reached its highest level in 19 years last week amid fears of rising inflation due to the war in Iran.

M.Pino

Source: dw

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A new license issued by the US Treasury Department’s Office of Foreign Assets Control (OFAC) has extended the auction of the Citgo refinery until March.

The document states that it “temporarily prevents creditors from invoking US courts to collect debts against the Citgo Petroleum Corporation.”

The license “authorizes holders of Petróleos de Venezuela S.A. (PDVSA) bonds maturing in 2020 to conduct transactions starting March 20 and keeps the auction blocked.”

This new extension delays the legal proceedings against the refinery, “while the Venezuelan state reaffirms that the U.S. justice system has acted against international law to favor the interests of political groups.”

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Source: ultimasnoticias

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On Sunday, February 9, it was learned that the President of the United States, Donald Trump, ordered the Secretary of the Treasury, Scott Bessent, to stop the production of one-cent coins, considering this high cost a waste for the nation.

Trump said, during his return to Washington from the Super Bowl: “For too long, the United States has minted one-cent coins that literally cost us more than 2 cents. It is a waste! I have instructed my Secretary of the Treasury to stop producing new cents. Let’s get the waste out of our great nation’s budget, even if it is one cent at a time.”

The requests of other years for the elimination of the one-cent coin are joined by the most recent statements by Elon Musk, who heads the Department of Government Efficiency, on the high cost of producing said coin.

In 2023, the US Mint put into circulation about 4.1 billion one-cent coins. Last year, the institution indicated in its annual report that “producing and distributing the US cent costs about 3.7 cents, more than 20 % more than the previous year.”

Trump’s decision is undoubtedly greatly influenced by the increase in the cost of metals such as zinc and copper, which makes the manufacture of the coin more expensive.

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Source: cnnespanol

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