The court’s emergency stay lifts an injunction issued by a federal judge that had blocked the Corporate Transparency Act (CTA), which requires many business entities to disclose ownership details. Justice Ketanji Brown Jackson was the lone dissenter in the decision.
The U.S. Department of Justice had recently requested the Supreme Court’s intervention, and the ruling came shortly after a new administration took office.
The CTA, enacted in early 2021 as part of an annual defense bill, mandates that small business owners submit personal information, such as birth dates and addresses, to the Financial Crimes Enforcement Network to aid in combating financial crimes.
