Coalition Letter to Treasury Secretary on Purging the Corporate Transparency Act (CTA) Database
The undersigned organizations, representing millions of Main Street businesses operating in every industry and community in America, urge the Department of the Treasury to immediately purge the Corporate Transparency Act (CTA) database of all beneficial ownership information submitted by domestic entities that are no longer required to file. We also ask that you move quickly to promulgate the final rule exempting US businesses from the reporting requirement. Last year, the Administration took the important step of narrowing the CTA's scope to apply to foreign entities only. That action provided much-needed relief to over 32 million domestic businesses swept into a regime intended to target international money laundering and terrorism financing, not law-abiding American business owners.