Bill > S100

This bill seeks to completely repeal the Corporate Transparency Act (CTA), which was originally part of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021. The bill would eliminate all provisions of the CTA, including its requirement for certain businesses to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN). Specifically, the bill makes technical amendments to Title 31 of the United States Code, removing references to the now-repealed sections of the law and adjusting related legal language. The technical amendments also involve modifying sections of the Anti-Money Laundering Act of 2020, removing section 6502 entirely and making minor technical changes to section 6509. By repealing the CTA, the bill would effectively undo the reporting requirements that were designed to increase transparency and help prevent financial crimes like money laundering, effectively returning to the prior legal framework that existed before the CTA was enacted.

Housing and Urban Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/100/all-info