Senator Mike Lee (R-UT) has just thrown his hat in the ring with a bold plan to repeal a law that’s been stirring up a lot of debate — the Corporate Transparency Act (CTA). On Friday, he took to X (formerly Twitter) to rally support for his bill, the Saving Privacy Act, which would scrap the CTA altogether.
In his post, Lee quoted fellow Republican Senator Tommy Tuberville (R-AL), who’s been vocal about the law, calling it an invasion of privacy. Lee asked his followers, “Do you agree that the CTA is too intrusive and needs to be repealed?” And just like that, the conversation took off!
For Lee’s supporters, including many small business owners and Trump fans, it’s a cause worth fighting for. They argue the law is a burden on businesses. However, not everyone is on board. National security reporter Marcy Wheeler raised concerns, asking, “Why do @BasedMikeLee and @TTuberville want to protect money launderers?”
So, what’s all the fuss about? The CTA, passed in 2019, requires small businesses to disclose the identities of anyone holding a significant stake or control in the company. While the law aims to fight money laundering and terrorism financing, it has been controversial for its sweeping requirements.
The deadline for businesses to comply has been delayed multiple times, adding to the uncertainty surrounding the law. Now, with Lee’s push to repeal it, the debate is heating up. Will the CTA be a thing of the past? Only time will tell!
