Political Quotes

“Mr. President, for over a year, I have worked to get rid of a rule that is driving every one of my small businesses in Oklahoma absolutely crazy. A lot of Americans have no idea what the beneficial ownership rule is, but if you own a small business in America, you definitely know. To set the context for this, next week, we are supposed to take up the national defense authorization. In 2021, a small, little section was stuck in at the end in the large national defense authorization that was called the corporate transparency beneficial ownership act. That little bill was supposed to root out money laundering and fraud. What it has become has been a nightmare for every business owner in my State. If you are a business owner that has a business that is a small business--let's say less than 20 employees, less than $5 million in total revenue in a year--you now have to fill out this enormous set of forms and turn them in to the Federal Government to show your ownership structure to the Federal Government so they can track it. I will tell you, there are quite a few business owners that don't own one business; they may own two or three businesses or they may own several LLCs if they are a builder or they are a property developer, if they do all kinds of property construction for small businesses and building for others. They will own several LLCs, and now they have a stack of forms they have to fill out.…”