Trump's Treasury Sold Us Out
Hedge fund billionaire Scott Bessent took over the Treasury—and his first move was helping the rich hide their money.
In a stunning but not surprising move, the U.S. Treasury Department has decided to suspend enforcement of the Corporate Transparency Act’s (CTA) beneficial ownership reporting requirements, effectively rolling back a critical safeguard against money laundering, tax evasion, corporate fraud, and dark money in politics.
And here’s the kicker: The man behind this decision, Treasury Secretary Scott Bessent, is a hedge fund billionaire.
Yes, you read that right. A former hedge fund manager with deep ties to Wall Street and private equity is now responsible for financial transparency laws. And his first significant decision just made it easier for the ultra-wealthy and corporate elites to hide their money.
So, as the Treasury claims, was this move about “helping small businesses”? Or was it a coordinated effort to protect Wall Street, dark money donors, and corporate interests from accountability?
We all know the answer, but let’s break it down.
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Scott Bessent: A Hedge Fund Billionaire Turned Treasury Secretary
Before becoming Treasury Secretary in 2025, Scott Bessent was a hedge fund investor and financial insider:
He founded Key Square Group, a billion-dollar hedge fund specializing in global investments and financial speculation.
He was a top executive at Soros Fund Management, one of the world's most powerful investment firms.
He spent decades moving money for billionaires and corporate elites, using the same financial networks that the Corporate Transparency Act was designed to regulate.
Now, he’s in charge of the agency supposed to enforce financial transparency laws, and his first major decision was to halt enforcement of those laws entirely.
This isn’t a coincidence. This is a textbook example of regulatory capture.
See our reporting here on DOGE’s actions in the Treasury:
The Corporate Transparency Act: A Law Designed to Stop Financial Crime, Now Dismantled by a Wall Street Insider
The Corporate Transparency Act (CTA) was one of the most essential financial reforms in recent years. It required businesses to disclose their real human owners to the Financial Crimes Enforcement Network (FinCEN) to prevent fraud, illicit finance, and tax evasion. The law specifically targeted corporate America's dark underbelly—anonymous shell companies that operate with zero accountability.
For years, criminals, corrupt politicians, and money launderers have exploited weak U.S. financial disclosure laws to stash illicit wealth in shell companies. The CTA was meant to change that.
But now, Scott Bessent’s Treasury Department has paused enforcement, allowing the same bad actors to continue business as usual.
See our reporting on how the GOP budget punishes workers:
Who Actually Benefits From This Decision?
The Treasury claims it suspended enforcement due to “regulatory burdens” on small businesses. But let’s be honest, this isn’t about your local coffee shop or family-run business.
Here’s who actually benefits:
✅ Wall Street Hedge Funds & Private Equity Firms – These firms rely on shell companies and offshore accounts to shift money, dodge taxes, and manipulate markets. This rollback keeps their operations hidden. And no one knows that better than Bessent.
✅ Dark Money Political Donors – Wealthy donors use anonymous corporate structures to funnel millions into elections without public scrutiny. This rollback makes it harder to trace where the money is coming from.
✅ Corporate Oligarchs – Most industries in the U.S. are controlled by a handful of massive corporations, many of which use complex ownership structures to avoid accountability. Now, they can continue hiding financial ties.
✅ Foreign Money Launderers & Corrupt Officials – The U.S. was leading global efforts to crack down on financial secrecy. This rollback makes it easier for Russian oligarchs, authoritarian leaders, and financial criminals to park their dirty money in the U.S. with zero oversight.
Meanwhile, who loses? The public. Everyday Americans who suffer the consequences of financial crime, tax evasion, and corporate corruption.
See our reporting here on the politician-to-lobbyist pipeline:
Is This About Corporate Boycotts and Political Power? Follow the Money.
This decision conveniently protects big corporations, billionaire donors, and dark money political operations at a time when public scrutiny is higher than ever.
See our article here about how DEI rollbacks are impacting companies:
Here’s why this rollback is more than just a regulatory shift; it’s a strategic move to shield corporate and political power from accountability:
Boycotts and Public Pressure Are Exposing Corporate Financial Ties
Consumer activism is at an all-time high.
In recent years, companies have faced mass boycotts for supporting far-right policies, backing voter suppression laws, funding anti-LGBTQ+ legislation, or exploiting workers.
By rolling back transparency rules, corporations could make it harder to trace financial relationships, making it more difficult for activists to follow the money.
The Illusion of Choice: How a Handful of Corporations Control Everything You Buy
Most Americans don’t realize that a few massive corporations own nearly every major food and consumer brand.
PepsiCo, Nestlé, Coca-Cola, Unilever, General Mills, and a handful of others own nearly everything in the grocery store, from snacks to bottled water to cleaning supplies.
These corporations use complex ownership structures and subsidiaries to hide financial ties, making holding them accountable for unethical business practices, price manipulation, and political donations harder.
A Favor to Big Donors and Dark Money Interests
This decision benefits the same corporate players and billionaire donors who fund right-wing think tanks, super PACs, and political lobbying groups.
It could allow more anonymous political donations, undisclosed campaign funding, and secretive corporate lobbying, making it harder to track who influences elections and policymaking.
The Treasury’s decision to halt enforcement of a major anti-corruption law is an outright gift to corporate criminals, tax cheats, and money launderers. And the fact that this decision was made by a hedge fund billionaire with a history of managing money for the ultra-wealthy should alarm everyone.
This isn’t about small businesses but protecting Wall Street, dark money donors, and financial criminals from scrutiny. This isn’t shocking. Look at Trump’s Cabinet, the richest in history. No experience, just money.
If we let this stand, it won’t just be a temporary pause—it will be the beginning of the end for corporate transparency in America.
This is a fight for fairness, democracy, and economic justice. Let’s ensure we don’t let them roll back progress without a fight.
Bibliography:
The Wall Street Journal: "Trump Administration Curbs Enforcement of the Corporate Transparency Act"March 3, 2025
Axios: "What to know about Trump-endorsed Treasury's BOI reporting suspension"March 3, 2025
Associated Press: "Treasury ends enforcement of business ownership database meant to stop shell company formation"March 3, 2025
Reuters: "US Treasury Department says it will not enforce anti-money laundering law" March 2, 2025
U.S. Department of the Treasury: "Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies"March 2, 2025
Reuters: "Scott Bessent's rise through finance to the US Treasury"November 23, 2024
The Wall Street Journal: "Scott Bessent Sees a Coming 'Global Economic Reordering.' He Wants to Be Part of It."November 25, 2024
The New York Post: "Trump's Treasury pick and former Soros money manager Scott Bessent's hedge fund reaped windfall during 2022 downturn"November 27, 2024
The Times: "Scott Bessent: Trump's man who broke the Bank of England"November 30, 2024
When is the war on greed going to start?
It has long been rumored that the Trump crime family runs a money laundering operation. I wonder if Michael Cohen has any knowledge of that. As we have seen, Trump is neutering US law enforcement capabilities. And like he said at the Governor's conference a couple weeks ago, "I am the law now.' I think he meant he is the king of US crime and punishment - anyone who hurts his sensitive feelings will be punished.