Butler County Today

Rep. Warren Davidson (R-OH) has reintroduced the Repealing Big Brother Overreach Act, aiming to dismantle the Corporate Transparency Act (CTA). The initiative is supported by 68 House colleagues, Senator Tommy Tuberville (R-AL), and the National Federation of Independent Business (NFIB). This proposed legislation seeks to relieve small business owners from what are described as burdensome reporting requirements and associated criminal penalties.

Davidson stated, "The Financial Crimes Enforcement Network (FinCEN) infringes American small business owners’ privacy rights by forcing them to disclose sensitive information to the government. The CTA is a disaster for small businesses and must be repealed immediately."

Senator Tuberville criticized the CTA as an example of excessive governmental control: “The Corporate Transparency Act is big-government overreach at its worst. The Biden Treasury Department is attempting to create a database on every American business owner. Failure to register by the end of the year could land you in jail."

Jeff Brabant from NFIB expressed concern about privacy violations: "The Corporate Transparency Act is an unconstitutional power grab that targets more than 32 million small businesses." He emphasized that current law enforcement access without a subpoena exacerbates these issues.

Carol Roth, a small business advocate, highlighted existing measures available to FinCEN for pursuing financial criminals without imposing new mandates on small businesses. She noted discrepancies in how different entities are treated under current laws: "Nobody believes that terrorists, cartels, and money launderers will proactively give their information to the government."

According to NFIB's survey, most respondents were unaware of these reporting obligations. The CTA imposes penalties including fines up to $10,000 and potential imprisonment for non-compliance. FinCEN has yet to finalize rules crucial for protecting personal data within this framework.

Reps. Davidson and Harriet Hageman (R-WY) have also co-authored an op-ed addressing these concerns regarding the CTA.