Sen. Tommy Tuberville (R-AL) reintroduced S. 100, the “Repealing Big Brother Overreach Act,” legislation that aims to repeal the Corporate Transparency Act that requires the reporting of beneficial ownership information to the Financial Crimes Enforcement Network. In introducing the bill, Tuberville said it is necessary to protect small-business owners from the “poorly written” legislation. The bill has been cosponsored by 24 Republican Senators, but no Democrats have yet signed on to the bill. Rep. Warren Davidson (R-OH) reintroduced the House companion bill (H.R. 425), which has 68 Republican cosponsors and no Democrats. The legislation comes as the Supreme Court is expected to rule soon on a request from the Justice Department to lift the Fifth Circuit’s injunction on the Corporate Transparency Act, which has been in effect since last December.
