Political Quotes

“Mr. Speaker, I have heard many concerns from small businesses across Arkansas and across the country about the Financial Crimes Enforcement Network, FinCEN's, new detrimental beneficial ownership reporting rule. As many of you may know, this rule is required by the Corporate Transparency Act, a law that I strongly opposed and fought against its basic design. As a former entrepreneur and small business owner, I understand the significance of this substantial new reporting requirement that forces small businesses to upload an individual ownership interest report into a new national database maintained at FinCEN, in my view, Mr. Speaker, potentially endangering the privacy of millions of American citizens. The worst part is that the Biden-Harris administration has failed to properly educate and inform small businesses and millions of others connected to small businesses about this new rule and the harsh penalties of up to $10,000 in fines and even 2 years in jail for failure to comply by submitting the form by January 1 of 2025. That is right, Mr. Speaker. This form is due January 1, 2025. Now, breaking news: Of the 322 million businesses in America that Treasury believes should be filing this new form, only 2 million have filled it out as of the first of October.…”