The Corporate Transparency Act, like many bills that come out of Washington, has a reassuring name that masks bad policy.
It exempts large corporations but forces small businesses and even volunteer HOA leaders to report sensitive information to the federal government under threat of fines and jail time. And it does not work: only about 1% of illicit funds are intercepted, despite millions of reports being filed.
It is unconstitutional and unnecessary. Congress should codify President Trump's action ending BOI reporting requirements for small business owners by passing my Repealing Big Brother Overreach Act.