This bill would repeal the Corporate Transparency Act, a 2020 federal law that requires certain business entities to disclose their true owners to the Financial Crimes Enforcement Network. The legislation, introduced by a group of House Republicans, seeks to eliminate what sponsors view as excessive government surveillance of business ownership information. The bill would remove reporting requirements for beneficial ownership data and make related technical changes to federal financial regulations that reference the Corporate Transparency Act. No specific funding or implementation timeline is mentioned in the legislation. The repeal would affect all businesses currently subject to the transparency reporting requirement, including small businesses and limited liability companies.
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