This week, the Main Street business community voiced its support the National Small Business Association’s lawsuit challenging the constitutionality of the Corporate Transparency Act (CTA).

The letter was signed by more than 45 trade associations, including the International Franchise Association, National Roofing Contractors Association, the National Association of Wholesaler-Distributors, and the Real Estate Roundtable. These trades represent businesses from every state and nearly every sector of the economy.

As the letter makes clear, the CTA is poorly constructed, overly burdensome, and threatens the owners of literally millions of small businesses across the country:

The CTA represents an unprecedented attempt by the …

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A recent op-ed in the Washington Post has all the earmarks of blatant government overreach disguised as national security advocacy.  The op-ed, Congress is Letting International Money Launderers off the Hook supports the so-called ENABLERS Act and hits all the key words – “Putin,” “kleptocrat,” “ill-gotten gains,” “basic due diligence” – on the partisan FACT Coalition bingo card. What it fails to do is explain how the bill will make Americans safer or our financial system more secure.

The photo accompanying the story is a good example of just how badly the law will fail.  It shows the …

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As we’ve observed previously, the Corporate Transparency Act is a poorly constructed bit of law. It will do little to combat money laundering as the criminals will simply refrain from self-reporting their crimes, but it will saddle millions of lawful small business owners with yet another reporting requirement as well as an opportunity to have their personal information spread all over the internet.

On Tuesday the National Small Business Association (NSBA) highlighted another reason to dislike the CTA: it’s unconstitutional. A lawsuit filed by the group in the U.S. District Court for the Northern District of Alabama argues the …

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The Senate this week will debate an amendment to require private companies to annually report the personal information of their owners to the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury, or face large fines and multi-year jail sentences.

The amendment — sponsored by Senate Banking Committee leaders Mike Crapo (R-ID) and Sherrod Brown (D-OH) – mirrors the Corporate Transparency Act of 2019 that passed the House last fall.  If it passes the Senate as part of this year’s Defense Authorization Act, it is very likely to become law.

The stated goal of the amendment is to crack …

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