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War Room founder Steve Bannon recently engaged in a dialogue with Peter Mcilvenna, co-founder of “Hearts of Oak” and contributor to The Gateway Pundit, discussing significant concerns surrounding the Corporate Transparency Act.
During their conversation, Mcilvenna highlighted the extensive implications of this legislation when prompted by Bannon to elaborate on its impact on business owners.
“This Is MASSIVE Federal Government Overreach”: Peter McIlvenna On The Corporate Transparency Act with @Bannons_WarRoom pic.twitter.com/jw3d8wppJq
— Hearts of Oak (@HeartsofOakUK) December 15, 2024
“This is massive Federal Government overreach,” Mcilvenna said.
“The most aggressive domestic spy program since the Patriot Act, and what it is, vetoed by President Trump, President Trump saw this for what it was, and it was, he vetoed it, it was part of the Nation Defense Authorization Act in 2019. He vetoed it because he saw the danger to small businesses. And Capitol Hill pushed it through the next month,” Mcilvenna said.
“So, they passed this Corporate Transparency Act demanding you pass over all of your information and register it on a brand new database,” Mcilvenna continued.
When questioned about the legislation’s current status, Mcilvenna explained its mandatory nature and serious consequences for non-compliance.
“This is a law, and every business owner must sign up for this.” Mcilvenna said.
“If you don’t register by the first of January on this database, then you will be hit. You can be hit by fines of up to two years in jail and $591 a day, I think it is. But just last week a Texas court ruled this was Unconstitutional and has completely stopped this, but the battle is not over,” Mcilvenna continued.
"THIS IS MASSIVE FEDERAL GOVERNMENT OVERREACH!" – If you're a small business owner or entrepreneur, you need to hear this from @PeterMcilvenna.@Bannons_WarRoom pic.twitter.com/A1dhiY4Zi2
— Real America's Voice (RAV) (@RealAmVoice) December 14, 2024
Drawing attention to potential political motivations, Mcilvenna expressed concerns about the Biden administration’s implementation of this law potentially targeting conservative businesses.
“This is a preliminary injunction; it is not the final ruling. So, it is a stay of execution and of course Biden is going to do all he can do to push this through before the 1st of January. And my concern is that what happens is this an attack on conservative companies?” Mcilvenna warned.
“It’s no role of the Federal Government for you to pass your details on of your company that you’ve registered at the State level,” Mcilvenna said.
