Political Quotes

“Amendment No. 1 to H.R. 2513 requires an annual report to Congress of anonymized, aggregate data on the number of beneficial owners per reporting corporation or limited liability company, the industry of each reporting corporation or limited liability company, and the location of the beneficial owners. One of the greatest beneficiaries of the crisis on our southern border has been the cartels and coyotes. They charge from $6,000 to $10,000 to smuggle people into our country who do not have legal documentation. Despite the danger, these individuals borrow money from normal banks in their home country. Their family members put up collateral--their farms, their houses--to pay these cartels and coyotes. If the individual makes it into the United States, they will send remittances home through the same legitimate financial transaction to pay back those family loans. Throughout this process, the coyotes and cartels are making a significant amount of money off of these very vulnerable individuals. While many of them likely deal mostly in cash, the possibility exists that they are using shell companies to store or move this illicit money. Providing data to Congress on how many beneficial owners are behind a company, the industries of the reporting companies, and the locations of the beneficial owners will help identify trends and patterns that could aid in the fight to combat money laundering and the financing of human trafficking.…”