Political Quotes

“I thank the gentleman from North Carolina (Mr. McHenry), ranking member, for yielding. Mr. Speaker, I rise today in support of H.R. 2513, the Corporate Transparency Act. I thank my friend, Carolyn Maloney, for her tremendous work to fight trafficking and expose criminals who make money for exploitation; and my friend and colleague, Blaine Luetkemeyer, the ranking member of the Subcommittee on Consumer Protection and Financial Institutions for all his work on this issue of beneficial ownership. I agree with my colleagues that we should not place unnecessary requirements on small businesses, and I believe that this legislation strikes the right balance. It helps hardworking law enforcement officials expose traffickers who are laundering money through shell companies without placing onerous mandates on small businesses. Human trafficking is an incredibly lucrative industry, with profits estimated at $150 billion a year. America lags behind our peers in other countries in collecting the beneficial ownership information that helps us to go after these anonymous companies that are exploiting the most vulnerable in our society. Mr. Speaker, my amendment further simplifies the reporting process, and prevents identity theft and fraud. It creates a fast-tracked process for beneficial ownership where any citizen who is a frequent investor can be pre-verified. I am glad to see my amendment included in this underlying bill today. Mr.…”