(The Center Square) – One of the nation’s top small business advocacy organizations is getting behind legislation introduced by an Ohio congressman that would end what it calls government overreach.
The National Federation of Independent Business announced the launch of a new ad campaign across Ohio and several other states to urge Congress to pass Repealing Big Brother Overreach Act authored by Rep. Warren Davidson, R-Ohio.
The legislation would repeal the Corporate Transparency Act, which includes the beneficial ownership rule.
The Corporate Transparency Act requires businesses to report data by Dec. 31 to a new federal registry opponents say is open to foreign governments and law enforcement.
“Congress set a deadline of Dec. 31 for small businesses to file private and personal data with a new federal registry or face the possibility of up to two years in prison and a $10,000 fine,” NFIB Ohio State Director Chris Ferruso said. “This unconstitutional law was recently blocked by a Federal Court, but Congress must make it permanent by passing the Repealing Big Brother Overreach Act to protect privacy and relieve small business owners from this dangerous law.”
In a lawsuit filed by NFIB, a federal court issued a preliminary injunction that blocks the U.S. Department of Treasury’s Financial Crimes Enforcement Network from enforcing the reporting requirements.