Senate Joins CTA Relief Effort
The Senate introduced a bill mirroring the House’s Corporate Transparency Act (CTA) relief, codifying Treasury’s March 2025 rule that limits beneficial‑ownership reporting to foreign entities and ordering FinCEN to delete personal data already collected from U.S. business owners. Sponsored by Senators John Kennedy and Mike Lee with nine co‑sponsors, the legislation adopts a risk‑based approach that shifts enforcement toward high‑risk actors. While some lawmakers still view the CTA as a valuable tool, the proposal reflects growing bipartisan momentum to ease compliance burdens on small businesses.
House Panel Moves CTA Relief
The House Financial Services Committee advanced legislation that repeals the Corporate Transparency Act’s reporting requirements for more than 30 million U.S. businesses and codifies a Treasury rule limiting the beneficial‑ownership database to foreign entities. The bill also mandates a purge of...
Full Court Press on CTA
The Washington Post editorial argues the Corporate Transparency Act (CTA) is both costly and unconstitutional, urging repeal. Lawmakers are poised to mark up the Repealing Big Brother Overreach Act, which would purge the existing beneficial‑ownership database within 90 days and...