MHI Signs Letter to Stop Crushing Paperwork Requirements

MHI joined a coalition of 120 trade associations in a letter to the Senate Banking Committee’s leadership calling for passage of the Protect Small Business and Prevent Illicit Financial Activity Act (S. 3625). The legislation would delay by one year the onerous Corporate Transparency Act (CTA) filing requirements and accompanying jail time and penalties. CTA will require more than 32 million businesses and other legal entities to report the personal information of their owners, key employees, and others to the federal government.

In the letter, the coalition advocated for the Committee to pass S. 3625, which was introduced by the Banking Committee’s Ranking Member, Senator Tim Scott (R-SC). The letter, signed by more than 120 trade associations, points out that such a delay would allow the ongoing legal battle to play out, be consistent with lawmakers’ original intent to give covered businesses two years to file their CTA reports and give regulators more time to continue their outreach and education of affected entities. A similar bill sponsored by Representatives Zach Nunn (R-IA) and Joyce Beatty (D-OH) passed the House late last year by a vote of 420-1.