Illinois HR 44: HONORS NW SUBURB MARINES

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HR0044LRB104 08347 MST 18398 r

1HOUSE RESOLUTION

2 WHEREAS, The U.S. Court of Appeals for the Fifth Circuit 

3issued a decision challenging the Corporate Transparency Act, 

4by issuing a nationwide injunction blocking the Beneficial 

5Ownership Information reporting requirement; and

6 WHEREAS, The Beneficial Ownership Information reporting 

7requirement is an initiative of the U.S. Department of 

8Treasury's Financial Crimes Enforcement Network in an effort 

9to crack down on high level financial crimes, such as money 

10laundering, tax evasion, and other illicit activities; and

11 WHEREAS, The Beneficial Ownership Information reporting 

12requirement affects roughly 32 million small businesses across 

13the United States, forcing the disclosure of business owners' 

14and other stakeholders' names, addresses, and identification 

15numbers; and

16 WHEREAS, The regulation of commerce is a constitutionally 

17granted authority of the federal government as defined by 

18Article 1 Section 8 of the United States Constitution, but 

19this form of federal regulation has no precedent; and

20 WHEREAS, Many regulatory functions of the federal 

21government are enacted under the Commerce Clause, which in 

HR0044- 2 -LRB104 08347 MST 18398 r

1turn has the potential to place burdens on the hard-working 

2small business owners that continue to grow and maintain the 

3middle-class all across the United States; and

4 WHEREAS, With this personal data having already been 

5collect for tax purposes by the Internal Revenue Service, the 

6redundant reporting of business owner information serves as a 

7burden and potential security risk for the individuals 

8constrained by this law; therefore, be it

9 RESOLVED, BY THE HOUSE