I asked Congress to stop a ‘Big Brother’ power grab that victimizes small businesses

NEWYou can now listen to Fox News articles!

I was on Capitol Hill April 30, on behalf of American small businesses and individual rights. I was invited by the House Committee on Small Business to be a witness at their hearing regarding the Corporate Transparency Act’s Beneficial Ownership Information rule (CTA BOI). This rule has allowed FinCEN – the Financial Crimes Enforcement Network division of the Treasury – to require every small business with an entity (as well as other entities, like Housing Associations, in some cases) to have to turn over sensitive, personal information to them, including a photo identification, for every owner and everyone who is an “important decision-maker” in their business. If a person or business doesn’t comply, the penalties – both civil and criminal – are severe. 

The CTA BOI rule was brought about in the name of combating financial crimes, yet it exempts all kinds of businesses, including big businesses that have at least 20 employees and $5 million of revenue, leaving the burden squarely on small businesses.  

I brought with me and submitted for the official record statements from nearly 450 business owners and supporters from across America opposing this government overreach.  


View Source