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Saturday, December 12, 2020
Congress Bans Anonymous Shell Companies
The Corporate Transparency Act, which was tacked onto the defense bill, would require corporations and limited liability companies established in the United States to disclose their real owners to the Treasury Department, reports The Washington Post.
The measure passed the Senate on Friday with an 84-to-13 vote as part of the National Defense Authorization Act, which cleared the House earlier this week. Trump has pledged to veto the defense bill because it doesn’t include his demand to repeal liability protections for social media companies, so we shall see. Trump also opposes a clause that orders military bases named for Confederate leaders to be renamed.
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For years consumer product safety advocate groups have bemoaned the seeming lack of aggressiveness from the Consumer Product Safety Commission (“CPSC”). As an example, they complain that the CPSC levied no civil penalties on companies in 2020, 2 in 2019, and only 1 in 2018, penalties being a surrogate in their minds for enforcement. As counsel for many companies, we know that this is not the case and CPSC compliance activity has remained vigorous. But perhaps the ongoing criticisms led Acting Chairman Robert Adler to publicly announce in mid-November the CPSC’s recent vote to refer a case to the DOJ for prosecution of a civil penalty.