I'm sure eggs will be cheaper once... um... you don't get to know who owns companies

[ck4829]

A group of Republican lawmakers are attempting to repeal the Corporate Transparency Act, which requires companies to disclose their true ownership, proclaiming the law “a big government overreach.”

Sen. Tommy Tuberville (R., Ala.) on Wednesday reintroduced the Repealing Big Brother Overreach Act, a bill that aims to repeal the CTA with a stated goal of protecting small-business owners. The bill has so far received support from about 21 Republican senators but no Democrats have yet signed on, according to Tuberville’s office.

The Corporate Transparency Act, passed by Congress in 2021, was a bipartisan effort to curtail the use of anonymous shell companies and help track the flow of illicit money. It mandates millions of companies to file beneficial ownership information with the Treasury Department’s Financial Crimes Enforcement Network or face the possibility of penalties such as fines and jail time. The law covers an estimated 32 million small businesses nationwide.

Scott Greytak, director of advocacy at Transparency International U.S., a Washington-based anticorruption watchdog that supports the CTA, said the CTA received strong congressional support, including from Republicans, as well as from the first Trump administration.

https://www.msn.com/en-us/news/politics/republicans-again-introduce-bills-to-repeal-corporate-transparency-act/ar-AA1xfXiA?bingParse