Oppose Beneficial Ownership Legislation
Late Thursday evening, June 25, Sens. Mike Crapo (R-Idaho) and Sherrod Brown (D-Ohio) filed an amendment to National Defense Authorization Act (NDAA) which includes so-called “Beneficial Ownership” language.
This amendment is nearly identical to the SBAM-opposed ILLICIT CASH Act which would require ONLY the smallest businesses to file new reports and register significant personal identifying information for all owners—including their names, dates of birth, and addresses with the Treasury Department’s Financial Crimes Enforcement Network (FinCEN) detailing all “beneficial owners” of the company. Failure to comply with these reporting requirements would be a federal crime with civil penalties of $500 per day up to $10,000 and criminal penalties of up to 4 years in prison.
The bill has NOT been marked up through committee and regular order is being abandoned to rush it through on an unrelated vehicle—NDAA. SBAM has been outspoken in its opposition to Beneficial Ownership provisions and is urging all small-business owners to contact their Senators for assistance. Please click here for additional background on this issue.
The Senate is set to vote on a motion to proceed on the NDAA TODAY, so the only likely way to remove the harmful language is through an objection from Senate Majority Leader Mitch McConnell.
Contact your Senators TODAY using the module below and ask them to contact Sen. McConnell’s office and tell him to prevent a vote on this amendment.