Financial Services GOP
@FinancialCmte
U.S. House Committee on Financial Services Republicans – Chairman @RepFrenchHill
2.9K Following 62.9K Followers
Massive win for America’s small businesses! 🇺🇸
We are ENDING the disastrous Corporate Transparency Act and DELETING the invasive beneficial ownership data.
Republicans 🤝 Main Street.
As Chairman of @HouseSmallBiz and a member of @FinancialCmte, I welcome FinCEN’s decision to permanently end burdensome beneficial ownership reporting requirements for American small businesses.
This significant action will save small businesses more than $128 billion in regulatory burdens and compliance costs and ensure sensitive BOI data previously reported is deleted from FinCEN’s database.
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Good news for Montana small businesses.
I was proud to champion legislative efforts to end burdensome beneficial ownership reporting requirements. Now this unnecessary mandate is officially gone.
A win for Main Street and a step toward getting Washington red tape out of the way.
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The Committee welcomes FinCEN’s final rule exempting America’s Main Street from burdensome beneficial ownership requirements under the Corporate Transparency Act. This is a win for small businesses across the country.
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Today, @FinCENnews issued a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information. FinCEN today also announced that it will delete previously reported information by U.S. persons from the beneficial ownership information database.
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Today’s action is a victory for common sense and American small businesses. @POTUS promised to cut red tape, and this final rule delivers. Treasury is eliminating a burdensome reporting requirement for millions of law-abiding business owners without compromising our national security.
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Huge win for American small business owners and financial privacy.
Congress should codify these protections by passing my Repealing Big Brother Overreach Act so no future administration can bring this failed reporting regime back.
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🔑 With median home prices in Southern California over $1.2 MILLION, too many hardworking families are locked out of the American Dream.
I fought to pass the 21st Century ROAD to Housing Act to cut red tape, boost supply, & make homeownership attainable again.
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The answer to combatting illicit finance is not more paperwork for Main Street. It is targeted enforcement against the countries and criminals actually abusing our financial system.
@FinancialCmte Republicans have passed more than 10 bills through the House this Congress to counter China and other bad actors, with two already signed into law.
We can protect America’s financial system without treating law-abiding American business owners like criminals!
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From road to road, town to town, the 21st Century ROAD to Housing Act DELIVERED the biggest housing reform in a generation—providing more supply & commonsense rules that will put homeownership back within reach for everyday Americans.
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The 21st Century ROAD to Housing Act makes the American dream more affordable for families by:
✅Cutting red tape
✅Boosting supply
✅Lowering costs
Hurricane Helene exposed the need for better coordination between agencies to get disaster assistance to folks faster. Ms. Stephanie McGarrah, Deputy Secretary of North Carolina Department of Commerce, highlighted that challenge during a recent @FinancialCmte disaster recovery hearing.
That’s why I introduced the HUD Disaster Information Improvement Act. My legislation strengthens transparency and coordination to reduce waste, fraud, and abuse, and help get relief to those who need it faster.
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WATCH: @RepTimmons on the importance of passing the CLARITY Act:
“Well, I think that it's hard to even imagine what the world's going to look like in 20 years, but in order for us to continue to be the center of the global economy and to continue to provide the American dream that people have enjoyed for 250 years, we've got to get this right. And that's the importance of passing [the] CLARITY [Act]. And we gotta then build on it. And there's other pieces of legislation that will continue to give the rules of the road to the free market to continue to innovate.”
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