WASHINGTON – Sen. Mike Lee (R-UT) joined a letter sent to the Senate majority and minority leaders Thursday, objecting to new regulations on small businesses placed into the National Defense Authorization Act for Fiscal Year 2021.
“This provision is outside the jurisdiction of the Armed Services Committee, has not been considered by the appropriate Senate Committees or the full Senate, creates a substantial regulatory burden on millions of small businesses, exposes business owners to significant financial penalties and jail terms, and it threatens their privacy and due process rights,” the letter reads.
“These burdens and penalties would be imposed on America’s small business community in an effort to fight money laundering and other financial crimes. We doubt actual criminals will voluntarily provide incriminating information to FinCEN or that the agency could effectively manage a database the Congressional Budget Office estimates would receive 25 to 30 million initial reports. On the other hand, millions of law-abiding business owners will be subject to new reporting requirements and penalties if they fail to keep their information current and accurate.”
A full copy of the letter can be found here.