Staff Reports
In a recent development that’s got small business owners and conservative politicians fired up, a group of U.S. senators, representatives, and entrepreneurs banded together to pen a passionate plea to President Biden’s team, pushin’ for a year-long postponement on a new rule.
Small businesses, lawmakers push back on financial reporting regulation https://t.co/VY2PvrR974 https://t.co/VY2PvrR974
— Washington Examiner (@dcexaminer) December 20, 2023
This new rule would force these small businesses to cough up personal deets about their big bosses, top brass, and even their legal eagles – and if they don’t play ball, they could be slapped with some heavy-duty fines or worse, face criminal charges. Yikes!
The coalition behind this plea argues that the rule ain’t just gunnin’ for shady operations involved in dodgy money business. Nope, it’s takin’ aim at nearly every small business in the good ol’ U.S. of A. – and that’s got ’em seein’ red, folks. According to the letter they sent to the Financial Crimes Enforcement Network, this rule’s gonna affect a whopping 33 million businesses, many of whom are in the dark about this brand-spankin’-new requirement.
And get this, the National Federation of Independent Businesses (NFIB) dropped a bombshell survey in August, revealin’ that a whopping 90% of small business honchos didn’t have a clue about this new rule.
Jeff Brabant, the Government Relations Director over at NFIB, made it crystal clear that they’re pullin’ out all the stops to put the kibosh on this rule. He’s got his fingers crossed for a complete repeal, but if that ain’t in the cards, he’s hopin’ that at least the Biden folks or Congress will hit the pause button for a year.
But that ain’t all – this coalition’s got major beef with the security of all this personal info that’s gotta be dished out. They’re raisin’ the alarm ’cause the Financial Crimes Enforcement Network ain’t even nailed down the final details on two crucial rules aimed at keepin’ small businesses’ nose-to-the-grindstone info safe and sound.
