Political Quotes

“I thank my colleagues for the important reforms that have been included in this bill, very thoughtfully, to reform our Bank Secrecy Act. The United States puts heavy burdens on banks to know their customers, to protect our country and our financial system, and to make it easier for the folks in law enforcement, and, frankly, all layers of national security to defend America. It is an important way that our sanctions regime works. It is an important way that we detect and prosecute crime. And it has worked very successfully for years in the current form. The biggest complaint is often that we required too much of banks. And so that led to this consumer due diligence rule that FinCen put out that put an extra burden on banks, some would say a redundant burden on banks, to report the beneficial ownership of their companies. And so that created this provision that is now blended into a single bill rather than a standalone bill that was known as the Corporate Transparency Act. This is a horrible solution to a real problem. And the solution is horrible because it presumes that everyone that would own a company that has fewer than 20 employees is somehow part of an illicit finance scheme in America. The smallest, least-sophisticated businesses are now required to report annually and more frequently if they change the composition of the beneficial owners. This is a violation of civil liberties and constitutional rights that our body should take seriously.…”