Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. Mr. Speaker, I rise in support of H.R. 5119, the Protect Small Business and Prevent Illicit Financial Activity Act sponsored by the gentleman from Iowa (Mr. Nunn) along with the gentlewoman from Ohio (Mrs. Beatty). In 2021, Congress enacted the Corporate Transparency Act, or CTA, establishing America's national Beneficial Ownership Registry. This registry will start collecting information from applicable businesses and their beneficial owners on January 1, 2024, and will crack down on the anonymous shell companies used by terrorists, drug cartels, and other financial criminals. The collection of information on beneficial owners of certain corporations, limited liability companies, and other entities registered in the United States will help protect our financial system from illicit use by making it even more difficult for bad actors to disguise their financial activities through entities with complex ownership structures. This bill would offer reporting businesses additional time to file their CTA information, pushing back a handful of deadlines in the September 2022 final rule on this issue. Additional time, especially for small, newly formed businesses, would improve the accuracy of the registry and streamline our law enforcement efforts. I am pleased to support this bill that will assist with the development of America's sorely needed Beneficial Ownership Registry. Mr.…”