More good news on the CTA front. Fresh on the heels of the House Financial Services Committee advancing CTA relief, the Senate has stepped up with legislation of its own. Senators John Kennedy (R-LA) and Mike Lee (R-UT) introduced a bill this week that mirrors the House approach, codifying Treasury’s March 2025 rule limiting beneficial ownership information reporting to foreign entities only, while also requiring FinCEN to delete the personal data already collected from American business owners under the original mandate.

It’s a welcome development and a sign that momentum is building on both sides of the Capitol.

The Kennedy-Lee …

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As we previewed recently, the House Financial Services Committee yesterday advanced legislation that would repeal the Corporate Transparency Act’s reporting requirements for over 30 million American businesses. The measure – as amended and approved by the panel – codifies a Treasury Department rule limiting the CTA’s scope only to foreign entities, while protecting sensitive information already collected under the state by requiring a purge of the beneficial ownership database.

It’s a huge win for the tens of millions of Main Street businesses targeted by this ill-conceived reporting regime, and marks a new milestone in our efforts to rein in …

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Today’s piece by the Washington Post Editorial Board is a helpful reminder that while the Corporate Transparency Act has been knocked down in the past year, the fight continues. As the Post summarizes, the CTA deserves to be repealed:

At a practical level, the law is ineffective because it adds a new reporting requirement to stop behavior that is already illegal. The businesses that would abide by the Corporate Transparency Act already follow the law, while criminals would ignore it or get around it.

In the meantime, the federal government will amass a database of millions of small businesses, as well …

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