U.S. Senator Roger Marshall of Kansas announced on Apr. 30 that he has joined Senator John Kennedy in introducing a bill aimed at reforming the Corporate Transparency Act. The proposed legislation would narrow the act’s enforcement to foreign companies, stop the collection of personal data from U.S. small business owners, and require deletion of any such data already collected.
The topic is significant because supporters say it would reduce regulatory burdens and save costs for American small businesses by eliminating certain federal reporting requirements.
According to the announcement, the bill is expected to save taxpayers an average of $9 billion per year and U.S. small businesses $6.7 billion over ten years by limiting which entities must report sensitive information to federal authorities.
“I’ve heard loud and clear from Kansas small business owners that the Corporate Transparency Act’s reporting requirements are too costly and too burdensome. Since the CTA took effect, it became clear that requiring American small business owners to register sensitive personal information with a federal database was not going to work,” said Senator Marshall.“I’m glad to join Senator Kennedy’s bill, which will save American small businesses billions of dollars. I’ll push hard to get it across the finish line so that American businesses can have the certainty of knowing it won’t be rearing its ugly head again.”
“When an obscure government policy requires small business owners to fork over personal data that even our government admits it doesn’t need, it’s time to change that policy. That’s why I’m leading the bill to permanently end this burdensome mandate and keep law-abiding Americans’ personal information out of a database it should never have been in,” said Senator Kennedy.
Marshall’s office provides services including military academy nominations, help with federal agencies, flag requests, internships and tour arrangements for Kansas residents according to his official website. He served seven years in the U.S. Army Reserves according to his official website. Marshall grew up as a fifth-generation farm kid and was first in his family to pursue higher education; he earned degrees from Butler County Community College, Kansas State University and University of Kansas School of Medicine according to his official website. He also chairs subcommittees on conservation, forestry, natural resources and biotechnology within agriculture as well as primary health and retirement security within health committees; he participates in several congressional caucuses according to his official website.
Supporters say if passed into law this measure could offer relief for many local entrepreneurs who face administrative hurdles under current regulations.
