In March of this year, this legislation passed the Committee on Financial Services by a voice vote of 57-0. This legislation is supported by a litany of trade associations representing banks and credit unions. I want to thank the gentleman from California (Mr. Sherman), my good friend across the aisle, for his bipartisan work on this bill. I ask my colleagues for their support.
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I am an interesting guy to have on the committee here this morning because I was a sponsor, the Republican sponsor, of the Corporate Transparency Act.
There is discomfort and disquiet out there in the small business community that they are going to get in trouble for trying to comply with something they can't understand
As much as I hate that bill and hate that rule, my intention on that was to make sure we minimize the effect of this bill or this rule because it originally was a horrendous thing.
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