Consistent with the U.S. Department of the Treasury’s March 2, 2025 announcement, the Financial Crimes Enforcement Network (FinCEN) is issuing an interim final rule that removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information (BOI) to FinCEN under the Corporate Transparency Act.

In that interim final rule, FinCEN revises the definition of “reporting company” in its implementing regulations to mean only those entities that are formed under the law of a foreign country and that have registered to do business in any U.S. State or Tribal jurisdiction by the filing of a document with a secretary of state or similar office (formerly known as “foreign reporting companies”). FinCEN also exempts entities previously known as “domestic reporting companies” from BOI reporting requirements.

Thus, through this interim final rule, all entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners will be exempt from the requirement to report BOI to FinCEN. Foreign entities that meet the new definition of a “reporting company” and do not qualify for an exemption from the reporting requirements must report their BOI to FinCEN under new deadlines, detailed below. These foreign entities, however, will not be required to report any U.S. persons as beneficial owners, and U.S. persons will not be required to report BOI with respect to any such entity for which they are a beneficial owner.

Upon the publication of the interim final rule, the following deadlines apply for foreign entities that are reporting companies:

• Reporting companies registered to do business in the United States before the date of publication of the IFR must file BOI reports no later than 30 days from that date.
• Reporting companies registered to do business in the United States on or after the date of publication of the IFR have 30 calendar days to file an initial BOI report after receiving notice that their registration is effective.

FinCEN is accepting comments on this interim final rule and intends to finalize the rule this year.

President Donald Trump wants to ramp up timber production by fast-tracking projects under laws that protect endangered species and other environmental regulations, which could expand logging of the Chequamegon-Nicolet National Forest.

Earlier this month, President  Trump issued an executive order directing federal agencies to issue guidance on increasing timber production and sound forest management. The order is intended to make the nation “more self-reliant” as Trump has imposed, and then paused, tariffs on Canada, the nation’s largest supplier of lumber.

Trump has called on leaders of multiple federal agencies to issue updated guidance by April on tools to ramp up timber production. Those tools may include the use of stewardship contracts and Good Neighbor Authority, or GNA, agreements.

Wisconsin signed a GNA agreement with the U.S. Forest Service in 2015 that authorized the state to assist with national forest management, including timber sales. Since 2015, the Department of Natural Resources said it’s conducted just shy of 200 timber sales spanning 32,000 acres under the agreement.

“Expanded timber production on the CNNF could lead to an increase in the amount of national forest timber sales available for the state to administer through our GNA agreement; however, it is uncertain how much additional volume beyond the current average of 25 million board feet annually the state would be capable of managing,” a DNR spokesperson said in an email.

The national forest and other federal forest land make up 9.4 percent of the state’s nearly 17 million acres of forest land. The forestry and logging sector directly employs around 4,400 of the 57,000 workers in Wisconsin’s nearly $27 billion forest products industry.

Logging advocates like Henry Schienebeck with the Great Lakes Timber Professionals Association said stakeholders may have to take a closer look at demand and the capacity of mills to handle more lumber. Even so, he said the order represents a golden opportunity for the public to have healthy, well-managed forests.

“I think they’re doing a great job between the state and the Forest Service working together to get the forest managed because we were behind, way behind, and we’re still behind a little bit,” Schienebeck, the group’s executive director, said.

The Federal Reserve in a closely watched decision Wednesday held the line on benchmark interest rates though still indicated that reductions are likely later in the year.

Faced with pressing concerns over the impact tariffs will have on a slowing economy, the rate-setting Federal Open Market Committee kept its key borrowing rate targeted in a range between 4.25%-4.5%, where it has been since December.  Along with the decision, officials updated their rate and economic projections for this year and through 2027 and altered the pace at which they are reducing bond holdings.

In its post-meeting statement, the FOMC noted an elevated level of ambiguity surrounding the current climate.

“Uncertainty around the economic outlook has increased,” the document stated. “The Committee is attentive to the risks to both sides of its dual mandate.”

The Fed is charged with the twin goals of maintaining full employment and low prices.

At the news conference, Powell noted that there had been a “moderation in consumer spending” and it anticipates that tariffs could put upward pressure on prices. These trends may have contributed to the committee’s more cautious economic outlook.

Early in-person voting is kicking off across Wisconsin ahead of the April 1 state Supreme Court race.

Although Tuesday, March 18 marks Wisconsin’s first day of early in-person voting in the spring election, the exact hours and locations for early voting vary from community to community. The last available day of early in-person voting will be Sunday, March 30.

During designated hours, voters can fill out absentee ballots in-person and then return those ballots at those locations.

Along with voting at the polls, voters have the option to turn in absentee ballots by mail so long as the ballot is received no later than 8 p.m. on election day.

In some communities, drop boxes are available for returning absentee ballots.

Democrat-backed Susan Crawford and Republican-backed Brad Schimel are competing for a 10-year term to replace a retiring justice. The race will determine whether liberals keep or lose their narrow majority on the state’s high court. By some estimates, it’s already become the most expensive judicial race in U.S. history.

Also on April 1, voters will decide whether conservative Brittany Kinser should unseat liberal State Superintendent Jill Underly in a position overseeing Wisconsin’s Department of Public Instruction.

There’s also a referendum on statewide ballots that asks whether a voter ID requirement should be added to the state constitution.

The federal government’s budget deficit has grown by more than $300 billion in the first five months of fiscal year 2025, according to the latest data.

The Treasury Department’s latest monthly treasury statement showed that February’s monthly deficit was $307 billion — up from $128 billion in January. That figure is also about $10.7 billion higher than in February 2024.

Since fiscal year 2025 began on October 1, the federal budget deficit has totaled a new record of $1.146 trillion, according to Treasury data. Compared with the first five months of fiscal year 2024, this year’s budget deficit is tracking more than $318 billion larger.

The nonpartisan Congressional Budget Office (CBO) released an analysis that broke down the changes in federal spending and tax revenue, which found that the former far outpaced the latter.

Federal spending in the first five months of fiscal year 2025 was 13% higher than the prior year, while tax receipts were 2% higher. Spending increased by $356 billion in that period when compared with a year ago, with notable increases in several categories.

The three largest mandatory spending programs saw their spending rise by a collective $73 billion, or 6%, in the first five months of fiscal year 2025.

Social Security spending was up $38 billion because of a higher cost-of-living adjustment (COLA) and a rise in the number of beneficiaries. Medicare spending was up $20 billion because of increased enrollment and payment rates, while Medicaid spending increased $15 billion due to rising costs per enrollee.

Expenses related to paying the net interest on the national debt increased by $44 billion, or 12%, because the debt is larger than it was a year ago.

Department of Defense spending was up $27 billion, or 8%, with most of the increases due to operations, maintenance and procurement.

Outlays for certain refundable tax credits rose by $26 billion, or 29%, which the CBO attributed primarily to increased enrollment in health insurance marketplaces under the Affordable Care Act.

Retail sales rose 0.2% last month after a revised 1.2% decline in January, the Commerce Department’s Census Bureau said on Monday.

Retail sales excluding automobiles, gasoline, building materials and food services increased 1.0% in February after a revised 1.0% decline in January. These so-called core retail sales correspond most closely with the consumer spending component of gross domestic product.

Online spending helped boost the sales number for the month, with nonstore retailers reporting a 2.4% increase. Health and personal care showed a 1.7% gain while food and beverage outlets saw a 0.4% rise.

On the downside, bars and restaurants reported a 1.5% decrease, while gas stations were off 1% amid falling prices at the pump.

Sales overall increased 3.1% on a year-over-year basis, better than the 2.8% inflation rate as measured by the consumer price index.

As the Department of Government Efficiency, or DOGE, initiates federal funding cuts and mass layoffs, Wisconsin Republicans’ version is just getting started.

GOAT was created in December by Wisconsin Assembly Speaker Robin Vos, R-Rochester, with the stated goal of exposing and addressing inefficiency in government. Its launch comes as DOGE has become practically a household name, and the two cover similar topics.

Tuesday’s informational hearing focused on remote work and included testimony from heads of the state Department of Administration, Department of Public Instruction, Department of Health Services, Department of Safety and Professional Services and the Universities of Wisconsin.

GOAT Chair Amanda Nedweski, a Republican from Pleasant Prairie, said lawmakers have seen increased demand from state residents for transparency with regard to remote work.

“The people who pay the salaries of the state employees want to know that there’s more accountability than just, move your mouse every few minutes,” Nedweski said.

As the committee contemplates remote work, a bill authored by Nedweski seeking to end the practice for most state employees is currently circulating in the state Capitol. She said the legislation may not be necessary if agencies were more open about remote work practices.

Yesterday, the Environmental Protection Agency announced plans to target more than two dozen rules and policies in what the agency called the “most consequential day of deregulation in U.S. history.”

The EPA didn’t provide details about what it wants to do with the regulations — whether it will try to weaken them or eliminate them entirely. In most cases, the agency said it is reconsidering rules that apply to things like climate pollution from vehicles and power plants, wastewater from coal plants and air pollution from the energy and manufacturing sectors.

“We are driving a dagger straight into the heart of the climate change religion to drive down cost of living for American families, unleash American energy, bring auto jobs back to the U.S. and more,” EPA Administrator Lee Zeldin said in a news release.

Overhauling federal environmental regulations requires a so-called rulemaking process that usually takes a couple of years.

Any effort by the EPA to rollback environmental rules will almost certainly face legal challenges.

The Labor Department on Wednesday said that the consumer price index (CPI) – a broad measure of how much everyday goods like gasoline, groceries and rent cost – increased 0.2% in February compared with last month, while it rose 2.8% on an annual basis.

So-called core prices, which include more volatile measurements of gasoline and food to better assess price growth trends, were up 0.2% from the prior month and 3.1% on an annual basis.

Food prices increased 0.2% in February. The index for food at home was unchanged over the month and up just 1.9% over the past 12 months.

Energy prices were up 0.2% in February – a smaller monthly increase than the 1.1% rise recorded in January. Gasoline prices were down 1% last month on a seasonally adjusted basis, while natural gas prices were 2.5% higher.

Housing costs rose in February as the shelter index increased by 0.3% for the month. That leaves the shelter index 4.2% higher than a year ago, marking the smallest 12-month increase since December 2021.

Governor Tony Evers unveiled a capital budget Monday that calls for $4.1 billion in new building projects around the state, with the largest chunk going toward Universities of Wisconsin campuses.

The state would borrow more than $3.8 billion to pay for the overall capital budget, which needs approval from the Legislature. The plan would also pay for material aspects of Evers’ sweeping prison restructuring proposal, and put $1.2 billion toward maintenance projects across state agencies.

In a statement, Evers said the plan was necessary to address infrastructure needs statewide, and would create jobs and stimulate the economy.

Two years ago, Republican lawmakers approved about $2.7 billion in the capital budget. In a statement to the Milwaukee Journal Sentinel, Sen. Howard Marklein, R-Spring Green, and Rep. Mark Born, R-Beaver Dam, who co-chair the Joint Finance Committee, said Republicans would “craft a responsible Capital Budget that Wisconsin can afford.”

The UW portion of the capital budget totals about $1.6 billion. Among the projects included is $293 million to demolish the brutalist-style Mosse Humanities Building at UW-Madison, $194 million to finalize the Prairie Springs Science Center and shutter Cowley Hall at UW-La Crosse and $189 million to merge the health sciences program into one building at UW-Milwaukee.

Also in the capital budget is $325 million for the early phases of Evers’ prison overhaul, which calls for closing down the Green Bay Correctional Institution and transforming the Waupun Correctional Institution into a medium-security facility with an emphasis on vocational training. The plan would also shutter the long-troubled Lincoln Hills juvenile campus and construct a new juvenile prison in Dane County.

Evers also called for over $195 million for health services facilities, $137 million for veterans homes and the Wisconsin Veterans Museum and $25 million for renewable energy construction projects at state facilities.