Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in strong support of H.R. 736, the Protect Small Businesses from Excessive Paperwork Act. I thank Representative Nunn of Iowa for his work on this important legislation. In 2021, Congress passed the Corporate Transparency Act, known as the CTA. The goal of the CTA was to strengthen national security tools to target bad actors and nation-states attempting to launder money through illicit activities. To accomplish this, the CTA established the beneficial ownership information reporting regime through Treasury's Financial Crimes Enforcement Network, known across the country as FinCEN. With an effective date of January 1, 2024, the CTA regulations required roughly 32,600,000 small businesses in the United States to report their beneficial ownership information to FinCEN by the following year. To the best of my knowledge, Mr. Speaker, only some 9 million, or one-third, of those required small businesses have filed. Recent Federal court actions on this confusing and complex rule have just added to the confusion that many of our Members are hearing about from their constituents in their districts. Although this law was enacted with good intentions, Treasury's promulgation and implementation of the new reporting regime has been overly complex and particularly burdensome.…”