Political Quotes

“Mr. Chair, I want to again thank my friend from New York for her hard work on crafting this legislation. While we have had differences along the way, it is critical that we strengthen our national security and AML BSA system and strengthen the transparency of beneficial ownership. As I have previously discussed, I am concerned with several aspects of the bill, and I am offering this amendment which I believe will help improve its overall purpose. When we heard testimony, a retired FBI agent testified to our committee acknowledging that law enforcement wants this data, this new database at FinCEN to search, essentially, without a warrant or a subpoena. My amendment would require the Financial Crimes Enforcement Network to develop stringent procedures around the beneficial ownership database pertaining to who and how it has been accessed. Per the bill's requirements, many businesses will be providing this information into a repository that will contain sensitive information. Who can access and how they can access it should have clearer guidelines and ensure that this information is not being inappropriately accessed. Additionally, the amendment requires FinCEN to report to Congress, annually, the number of times law enforcement, banks, or other parties access the database, how many times it was inappropriately accessed, and the number of subpoenas obtained to gain access to the database.…”