The Supreme Court has reinstated the Corporate Transparency Act of 2021, for now, at least.
The law requires that corporations report their actual owners to the government.
Unfortunately, it does not make this information public, but it's a good start at reducing the rat-fuckery created by opacity in places like Delaware, Wyoming, New Mexico, and Nevada.Mazzant is a right wing judge, but in a twist, Obama appointed.
The Supreme Court on Thursday revived a federal law requiring companies to report information about their owners in an effort to combat money laundering, the drug trade and terrorism.
The court’s brief order gave no reasons, which is typical when the justices act on emergency applications. The ruling was provisional, reinstating the law while a challenge to it moves forward.
Critics say that the law, the Corporate Transparency Act of 2021, is needlessly burdensome, a threat to privacy and an unconstitutional federal intrusion on matters that have been historically regulated by states.
………
Judge Amos L. Mazzant of the Federal District Court in Sherman, Texas, blocked the law nationwide, saying that Congress had overstepped its constitutional authority.
………
A divided three-judge panel of the U.S. Court of Appeals for the Fifth Circuit temporarily lifted the injunction, observing that the “ownership and operation of a business” are economic activities and that “a reporting requirement for entities engaged in these economic activities falls within ‘more than a century of the Supreme Court’s commerce clause jurisprudence.’”
A different three-judge panel of the Fifth Circuit later reversed course, blocking the law while an appeal moved forward. Arguments before the Fifth Circuit are scheduled for late March.
This appears to be some weird shit going down. I'm not sure why the U.S. Court of Appeals for the Fifth Circuit got two bites at this apple.
One of the core arguments it's too expensive, but this is free. The money is being spent on concealing ownership. Revealing this is free.
0 comments :
Post a Comment