Listen To Story Above

In a recent conversation on War Room, host Steve Bannon engaged in a discussion with Peter Mcilvenna, co-founder of “Hearts of Oak” and Gateway Pundit contributor, addressing concerns about the Corporate Transparency Act’s government overreach.

During their exchange, Mcilvenna detailed the implications of this legislative measure when prompted by Bannon. He described it as “This is massive Federal Government overreach,” and proceeded to explain: “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 National 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 elaborated, explaining that the act “passed this Corporate Transparency Act demanding you pass over all of your information and register it on a brand new database.”

When Bannon inquired about the act’s current status, Mcilvenna clarified: “This is a law, and every business owner must sign up for this.” He further warned: “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.”

Expressing concerns about potential political targeting, Mcilvenna noted that while a Texas court had issued a preliminary injunction, the administration might still attempt to implement the law before January 1st. He emphasized that state-level business registration should suffice, stating, “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.”