Which businesses should have to disclose foreign ownership?

**SPEAKER_1** (0:00)
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**Nova Safo** (0:31)
Which businesses should have to disclose foreign ownership?
From Marketplace in Los Angeles, I'm Novasafo in for Kimberly Adams. The Treasury Department is changing rules on which businesses have to disclose foreign owners. The Trump administration says those rules put in place under the Biden administration to help prevent money laundering were onerous. Marketplace's Nancy Marshall Genzer has more.

**Nancy Marshall-Genser** (0:55)
Under the Biden era rule, both foreign and domestic businesses were required to list their owners with the Treasury Department. Erika Hanachak is with the FACT Coalition, an alliance of groups concerned about financial fraud.

**Erika Hanachak** (1:07)
We're talking about human trafficking networks, cartels and fentanyl trafficking, Iranian sanctions evasion.

**Nancy Marshall-Genser** (1:14)
Now, under a new rule, Treasury says only foreign companies or pooled investment vehicles like hedge funds or mutual funds will have to list their owners. Treasury says it's removing a quote, a burdensome reporting requirement. But Hanechek says US businesses only had to list basic things like their owners' name, address and date of birth.

**Erika Hanachak** (1:34)
She says the new rule will open the floodgates for dirty money entering the United States.

**Nancy Marshall-Genser** (1:39)
Josh McLeod of the National Federation of Independent Business is glad the reporting rule no longer applies to US companies because he says it required millions of small businesses to register their owners.

**Josh McLeod** (1:52)
These are the mom and pop shops in your community.

**Nancy Marshall-Genser** (1:54)
They're the farmers.

**Josh McLeod** (1:55)
They are all the folks that come and work on your HVAC.

**Nancy Marshall-Genser** (1:58)
McLeod says he does want to limit money laundering, but government agencies like the IRS already have the information necessary to do that. Sapita Rowland is with the Claros Group, a financial services consulting firm.

**Sapita Rowland** (2:12)
You need to collaborate. You need to understand what law enforcement needs from this information, where it's going to sit within the government, how it gets filed.

**Nancy Marshall-Genser** (2:21)
But Rowland says the government has been trying to figure that out with legislation and various rules for the past decade. I'm Nancy Marshall-Genser for Marketplace.

**Nova Safo** (2:31)
Tomorrow we'll learn about retail sales in July. The consensus forecast is that they'll have increased again as consumers continue to spend. Part of what's propping up that spending is a low-hire, low-fire job market. The exception to this is the July jobs report. The economy lost 23,000 jobs. Is that a worrying sign?
Gus Fauchet is chief economist at the PNC Financial Services Group.

**Josh McLeod** (2:54)
I think the decline in jobs that we saw in July was an anomaly. I think some of it is due to issues with the data. So I think as long as we're adding jobs, even if it's a small number, as long as wages are going up, then we will continue to see consumers increase their spending.

**Nova Safo** (3:11)
Ahead of the government data, the National Retail Federation said July spending did increase, up three-tenths percent month over month.

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**SPEAKER_1** (4:35)
Running a business is hard enough, so why make it harder with a dozen different apps that don't talk to each other? Introducing Odoo, the only business software you'll ever need. It's an all-in-one fully-integrated platform that makes your work easier, from CRM, accounting, inventory, e-commerce and more. And the best part, Odoo replaces multiple expensive platforms for a fraction of the cost. This is why over thousands of businesses have made the switch. So why not you?