Through continued efforts to push back against the Corporate Transparency Act (CTA), I'm proud to report the U.S. Treasury Department recently announced it has suspended enforcement of beneficial ownership reporting.

According to the news release, the Treasury Department will:

• NOT enforce any penalties or fines associated with the beneficial ownership reporting rule under the existing regulatory deadlines
• NOT enforce any penalties or fines against U.S. citizens or domestic reporting companies or their beneficial owners after the forthcoming rule changes take effect
• Further, the Treasury announced it will be issuing proposed rulemaking to narrow the scope of the rule to foreign reporting companies only.

For those who have followed our office's work to push back against the gross overreach of the federal government, the suspension of the CTA is a major win for not only the hardworking taxpayers and small businesses of Mississippi, but the entire country.

Thank you to all who have called, emailed, and texted expressing your disdain regarding the federal overreach and overly burdensome regulations. Through your engagement, our team has been able to fight this battle with the full weight of Mississippi behind us! Once again, good government comes from holding our elected officials accountable.

MICHAEL WATSON
Secretary of State
State of Mississippi