This article is from the source 'nytimes' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at https://www.nytimes.com/2023/12/07/us/politics/corporate-transparency-act-lobbying.html

The article has changed 6 times. There is an RSS feed of changes available.

Version 4 Version 5
Congress Passed a Money Laundering Law. Interest Groups Are Still Fighting It. Congress Passed a Money Laundering Law. Interest Groups Are Still Fighting It.
(3 days later)
Three years ago, when Congress passed an anti-corruption law intended to help combat money laundering through shell companies, it drew bipartisan support.Three years ago, when Congress passed an anti-corruption law intended to help combat money laundering through shell companies, it drew bipartisan support.
Senator Sherrod Brown, Democrat of Ohio, called it “long overdue.” Senator Marco Rubio, Republican of Florida, called it an “important provision” that would help law enforcement agencies crack down on human trafficking and terrorist financing.Senator Sherrod Brown, Democrat of Ohio, called it “long overdue.” Senator Marco Rubio, Republican of Florida, called it an “important provision” that would help law enforcement agencies crack down on human trafficking and terrorist financing.
Now, just weeks before a central aspect of the Corporate Transparency Act is to take effect, it is under assault by interest groups and ideological foes who say it will not work as intended and will put too great a burden on tens of millions of small businesses.Now, just weeks before a central aspect of the Corporate Transparency Act is to take effect, it is under assault by interest groups and ideological foes who say it will not work as intended and will put too great a burden on tens of millions of small businesses.
The intense opposition underscores a little-recognized element of how Washington works: The passage of a law does not always end the battle over divisive issues.The intense opposition underscores a little-recognized element of how Washington works: The passage of a law does not always end the battle over divisive issues.
Once a bill is made law, its implementation is frequently turned over to a government agency. That agency can then spend years determining the details of how to apply the legislation, providing an opening for more lobbying, litigation and other actions that can reshape the law in meaningful ways.
In the case of the Corporate Transparency Act, the Treasury Department is in charge of implementation. The department is under pressure to revise its approach from small business and financial trade groups, who object to the costs and bureaucratic complexities they say it would impose.