Arguments Begin in Federal Suit Challenging Biden Admin’s New Small Businesses Reporting Rules

Published on November 24, 2023

Oral arguments began this week in Alabama in the case of the National Small Business Association (NSBA) vs. the U.S. Treasury Department over a proposed rule that is set to go into effect next year. The suit represents one of several lawsuits and pushback to rules published by federal agencies regulating small businesses, nursing homes, and federal waterways to name a few. The rule, billed as the Corporate Transparency Act (CTA), would require small businesses nationwide to comply with stringent reporting requirements to the Financial Crimes Enforcement Network (FinCEN), under the U.S. Department of the Treasury. “The CTA has been mired in confusion and ambiguities from start to finish. Not only is it bad policy, it is unconstitutional,” said NSBA President and CEO Todd McCracken said in a statement on Monday, November 20. “Americans who are not suspected of doing anything wrong are being asked to provide deeply personal information to a government agency, which is putting the information in a database for criminal law enforcement purposes.”...

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