Georgia Secretary of State Brad Raffensperger, along with several of his colleagues from across the country, sent President Donald J. Trump a formal request urging the immediate repeal of the Corporate Transparency Act (CTA). The letter highlights the significant burden placed on small businesses by the Beneficial Ownership Information (BOI), commonly known as FinCEN reporting requirements, as well as the numerous issues with its implementation under the Biden administration.

“FinCEN imposes unnecessary and costly reporting requirements on millions of hardworking small business owners,” said Secretary Raffensperger. “Here in Georgia, we’ve worked to ease the burden on small business creation by enacting a 3-year corporate registration option – but nationally, DC politicians have put their boots on the necks of small business. This must stop immediately.”

The letter calls on President Trump and his administration to support the repeal of the CTA, particularly supporting the passage of H.R. 8147, the ‘Repealing Big Brother Overreach Act.’ Secretary Raffensperger argues that the reporting requirements are not only unnecessary but also redundant, as the federal government already possesses much of the information it seeks to collect from small business owners.

Since FinCEN’s creation, state officials have received overwhelming frustration from tax attorneys, certified public accountants, and small business owners expressing opposition to unclear implementation guidelines and the lack of adequate support from FinCEN. Raffensperger criticized FinCEN’s failure to provide direct assistance to business owners, noting that many have been directed to an automated chatbot instead of receiving real-time help from live representatives.

“Georgia’s small business owners deserve clarity, not confusion. They should be focused on growing Georgia’s economy, not tangled up in red tape,” added Raffensperger.

The letter also raises concerns about potential government overreach, citing a February 2024 Treasury Department admission regarding the surveillance of Americans' financial transactions via FinCEN. This, according to Raffensperger and other state officials, underscores the need to repeal this bureaucratic nightmare before further encroachments on privacy and financial freedom occur.

Raffensperger urges federal lawmakers to take immediate action to pass H.R. 8147 and eliminate the FinCEN reporting requirement, which disproportionately affects small business owners.