James E. Risch

01/24/2025 | Press release | Distributed by Public on 01/24/2025 12:16

Risch, Tuberville Introduce Legislation to Repeal Corporate Transparency Act, Protect Small Businesses

WASHINGTON - U.S. Senators Jim Risch (R-Idaho) and Tommy Tuberville (R-Ala.) introduced the Repealing Big Brother Overreach Act to overturn the Corporate Transparency Act (CTA) and protect small business owners from excessive federal reporting requirements.

The CTA requires individuals with an ownership interest in a business to disclose personal information with the U.S. Treasury Department's Financial Crimes Enforcement Network (FinCEN). The CTA specifically targets American small business owners - and failure to comply could result in up to two years of jail time and fines of up to $10,000 per violation.

"Idaho's favorite mom-and-pop shops are vital to our economy, but they cannot succeed when burdensome federal regulations require them to divulge private information," said Risch. "The Repealing the Big Brother Overreach Actrescinds the overbearing Corporate Transparency Act and cuts back the federal government's interference in small business operations."

"Small businesses are the backbone of our economy," said Tuberville. "Small business owners are the ultimate job creators, yet they have been crushed by four years of Joe Biden's disastrous economic policies. They need less government regulation, not more. The CTA requirements that dictate they must share personal data or pay a fine and spend time in jail does nothing but stifle increased economic growth. This unprecedented intrusion into personal privacy is something you'd expect in Communist China, but not in the United States of America. I'm thankful that the Supreme Court is now deciding the legality of the CTA requirements, but we need to ensure that our business owners never have to worry about this again."

Implementation of the CTA requirements was slated to begin on January 1, 2025, but is currently paused as the legality of the requirements is argued in federal courts. The U.S. Court of Appeals for the Fifth Circuit upheld a nationwide injunction preventing the CTA's implementation. The Biden Justice Department appealed the decision to the U.S. Supreme Court, which has agreed to hear the case.