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On January 25, 2021, President Biden issued an Executive Order on Ensuring the Future Is Made in All of America by All of America’s Workers. The order is part of his “Build Back Better Recovery Plan” to strengthen American manufacturing and has potentially far-reaching effect. The order will tighten the federal government’s requirements to buy American products, support American jobs and rationalize the enforcement of the country’s patchwork of “Made in America” laws.
Companies that supply goods and services to the federal government may no longer benefit from statutes like “Buy American.” The January 25 order will tighten agencies’ purchasing by increasing domestic content requirements and close loopholes for determining country of origin under Made in America laws. Companies that benefit from domestic preferences now must re-examine whether they will continue to benefit under the proposed new regulat
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“American manufacturing was the arsenal of democracy in World War Two, and it must be part of the engine of American prosperity now. That means we are going to use taxpayers’ money to rebuild America. We’ll buy American products and support American jobs, union jobs.”
President Joseph R. Biden, Jr., January 25, 2021
On January 25, 2021, President Joseph R. Biden, Jr. signed an Executive Order entitled
Ensuring the Future Is Made in All of America by All of America’s Workers (the Order). The Order fulfills a campaign promise of Biden’s, directing federal agencies to strengthen Buy America requirements for procuring goods and services from sources that will support U.S. businesses and workers.
Key takeaways
The Corporate Transparency Act (CTA) will create a new, confidential database of beneficial owners of private companies for use by the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) and other government regulators to crack down on money launderers, terrorists and other criminals.
The CTA requires smaller, private companies to provide FinCEN with specific information regarding their large equity holders and others that substantially control their entities.
Entities that are exempt from the CTA include:
U.S. operating entities with more than 20 full-time U.S. employees and at least $5 million in gross revenue.
Public companies.
Friday, January 8, 2021
The Corporate Transparency Act (CTA), part of the 2021 National Defense Authorization Act enacted into law on January 1, 2021, will impose new beneficial ownership reporting requirements on many companies. The stated purposes of the CTA include the collection of beneficial ownership interest information for corporations, limited liability companies and similar entities to (A) set a clear, Federal standard for incorporation practices; (B) protect vital United States national security interests; (C) protect interstate and foreign commerce; (D) better enable critical national security, intelligence and law enforcement efforts to counter money laundering, the financing of terrorism and other illicit activity; and (E) bring the United States into compliance with international anti-money laundering and countering the financing of terrorism standards.