Small Business Administration chief Kelly Loeffler told Newsmax on Monday the Trump administration is "moving quickly" to undo the "tragic" policies under former President Joe Biden.
Loeffler joined "Rob Schmitt Tonight" to discuss the pace of the changes under President Donald Trump, including a major policy shift that will help release the chokehold on American small businesses.
"What's important here is that we are moving quickly past a tragic four years of Biden where his policies really destroyed Main Street America with high inflation, rampant regulation, a giant bureaucratic state. And we're moving quickly to undo all that," Loeffler said. "[I]t's very exciting to be part of the Trump administration, and the America-first agenda will rapidly turn this around."
Loeffler cited the Treasury Department's announcement Sunday night that it will suspend enforcement of a Biden-era rule on small businesses that fail to register beneficial ownership information (BOI) to the Financial Crimes Enforcement Network (FinCEN).
In September 2022, the Treasury Department under Biden created the database, containing personal information on owners of at least 32 million U.S. businesses, as part of an effort to curb the creation of shell companies and money laundering.
"[T]hat rule would have required small businesses as small as one person to do this excessive regulatory reporting to an obscure agency called FinCEN, when we already have tools to combat what we're trying to get after the Bank Secrecy Act; we're trying to get after foreign actors that are trying to disrupt our country," Loeffler told Schmitt. "So, look, President Biden was willing to sanction and jail fine small business owners for not complying with the rule that they had no way of even knowing about.
"That's how out of control the Biden administration was on regulations."
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Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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