Commerce Clause Dooms Corporate Transparency Act, Foes Say (1)

The Corporate Transparency Act is unconstitutional and unenforcable because it infringes on the power to regulate entities that the US Constitution reserved to the states, detractors of the law said in briefs filed in a federal court of appeals.

The law, which requires companies to file information on their beneficial owners with the Financial Crimes Enforcement Network, or FinCEN, is too broad in its construction, according to a series of amicus briefs filed at the US Court of Appeals for the Fifth Circuit. It requires people who form companies to disclose personal information before they engage in some kind of ...