Repeal Corporate Transparency Act and withdraw FinCEN beneficial-ownership rule
Mandate says Congress should repeal the CTA and FinCEN should withdraw its beneficial ownership reporting rule as overbroad, costly, and targeted at the smallest businesses while doing little against criminal finance; also demands AML data transparency and retrospective review.
Mandate
Mandate Ch. 22 (Treasury) — AML/Beneficial Ownership: Congress should repeal the Corporate Transparency Act, and FinCEN should withdraw its poorly written and overbroad beneficial ownership reporting rule; Congress must require FinCEN to publish SAR/CTR/prosecution/cost data and undertake retrospective review of AML-CFT rules.
Undo plan
1) Keep beneficial-ownership transparency with narrowed small-entity burdens and privacy safeguards.
2) Improve FinCEN’s cost-benefit analysis without repealing the core CTA tool against anonymous shells.
3) Fund community-bank compliance support rather than gutting AML.
4) Publish effectiveness metrics as Mandate urges—without dismantling the regime.
5) Verify: law-enforcement use rates and small-business compliance costs.