The Supreme Court revived the Corporate Transparency Act of 2021, requiring companies to disclose their ownership to combat money laundering and terrorism. The ruling reinstates the law during an ongoing legal challenge initiated by various entities, including businesses and political groups, who argue that it infringes on privacy and state rights. They assert that the law imposes significant financial burdens on millions of small businesses and misuses Congress's constitutional power. The case spotlights the tensions between federal regulation and individual privacy rights in economic activities.
The Supreme Court's recent ruling reinstated the Corporate Transparency Act of 2021, aimed at bolstering efforts against money laundering and related criminal activities.
Critics argue that the Corporate Transparency Act represents an unconstitutional intrusion on state-regulated matters, burdening millions of businesses with costly compliance mandates.
The plaintiffs challenging the law cite historical precedent, claiming that the Constitution's commerce clause does not authorize Congress to regulate inaction as economic activity.
The estimated compliance costs for small entities, including homeowners' associations, could collectively reach tens of billions of dollars, highlighting the law's potential economic impact.
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