Oppose H.R. 425 and Defend the Corporate Transparency Act from Repeal

I strongly urge you to vote against H.R. 425 when it comes to the House floor. This bill would effectively repeal the Corporate Transparency Act, gutting the most important anti-money laundering reform in a generation and exposing our financial system to criminals, traffickers, and our nation's adversaries. The Treasury Department has already gone too far by exempting domestic companies and U.S. persons from beneficial ownership reporting—exemptions that now cover over 99 percent of entities previously required to report. The Government Accountability Office has documented the serious consequences: Treasury's own 2026 National Money Laundering Risk Assessment identifies multiple cases in which shell companies were used to facilitate drug trafficking, cybercrime, and fraud. H.R. 425 would codify these dangerous exemptions into law. The GAO confirmed that state-level reporting requirements are insufficient to address these risks. States vary widely in what ownership information they require, leaving critical gaps that criminals exploit. Without beneficial ownership transparency at the federal level, law enforcement cannot follow the money or stop illicit actors from using anonymous shell companies to launder proceeds from trafficking, terrorism, and other serious crimes. This is not about regulatory burden. A 2024 poll found 81 percent of Americans support the reporting requirement, recognizing that asking businesses to do 20 minutes of paperwork is a small price for keeping our communities safe. The 11th Circuit Court of Appeals upheld the law as constitutional. I don't understand how one can support mass survelleince of Americans through license plate readers and yet refuse to require disclosure of individuals owning fraudulent businesses through anonymous shell companies. Anonymous shell companies threaten American national security, enable fentanyl trafficking, facilitate fraud, and put our troops in danger. We need stronger enforcement of the Corporate Transparency Act, not legislation to weaken it. I urge you to vote no on H.R. 425 and oppose any effort to repeal or further gut this critical law.