Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Small‑business groups tell House subcommittee beneficial‑ownership reporting poses fraud and privacy risks
Summary
Representatives from the National Federation of Independent Business and other witnesses said the Corporate Transparency Act's reporting requirements and the way filings are implemented have exposed small businesses to scams and raised privacy concerns.
Jeff Brabant, vice president for federal government relations at the National Federation of Independent Business, told the subcommittee that many small businesses view the Corporate Transparency Act (CTA) beneficial‑ownership information (BOI) filing requirements as invasive and a target for scammers.
“Small businesses overwhelmingly oppose the CTA,” Brabant said in testimony, describing instances…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
