Montana Secretary, With 19 Peers, Urges Trump to Repeal CTA Amid FinCEN Surveillance Concerns

HELENA, Mont. — Montana Secretary of State Christi Jacobsen joined colleagues across the country urging President Trump to repeal confusing and burdensome small business regulations. Secretary Jacobsen was one of 20 Secretaries of State nationwide to pen a letter to President Trump requesting he repeal the Corporate Transparency Act (CTA).

“The Beneficial Ownership Information (BOI) component of the CTA serves as yet another burden on our small businesses operating in the United States by forcing them to report extraneous information,” the letter stated. “Implementation of the Act by the Biden administration has been an absolute train wreck. Our offices have received frequent communication from constituents expressing concerns.”

The Corporate Transparency Act (CTA) is a federal law aimed at enhancing business transparency by requiring certain companies to report detailed ownership information. A central element of the law is the Beneficial Ownership Information (BOI) component, which mandates that businesses disclose the identities of the individuals who ultimately own or control them. This measure is intended to help combat financial crimes such as money laundering and terrorist financing, though it has sparked concerns among small business owners over increased administrative burdens, potential confusion in compliance, and the risk that its enforcement could be weaponized to target businesses.

In a February 2024 letter to Sen. Tim Scott, the Treasury Department acknowledged that FinCEN, the bureau that administers the enforcement of CTA, has been used to monitor Americans’ personal financial transactions. While this surveillance focused on individual financial activities rather than business compliance, critics argue that it underscores a broader concern: that FinCEN’s capabilities could be leveraged to impose punitive measures on American citizens.

Secretary Jacobsen previously called on the federal government and Montana’s Congressional delegation to stand up for Montana businesses. Secretary Jacobsen expressed concerns regarding the implementation of the CTA, including widespread confusion and lack of awareness, communication, and resources.

“This new law affects nearly every business in Montana, and confusion over compliance is obvious,” Secretary Jacobsen wrote. “The unnecessary complexity that has fueled confusion by the Biden Administration’s disastrous rollout is completely unacceptable.”

“As Montana’s Secretary of State, I am proud to have eliminated unnecessary government obstacles, making it easier to conduct business in Montana, Secretary Jacobsen added in a letter to Montana’s Congressional delegation. I urge Congress to follow our example and eliminate excessive layers of bureaucracy.”