We can’t underestimate the Chinese Communist Party. That’s why I just introduced new, bipartisan legislation to crack down on shell corporations operated by the Chinese government in the United States.
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Current law includes a loophole that allows a business to claim “I don’t know” when it comes to reporting ownership. The idea that a business can’t identify their owners is absurd, and China is exploiting this loophole to put our national security, economy, and intellectual property at risk.
The Protect Small Businesses and Prevent Illicit Financial Activity Act will close this egregious loophole and crack down on these fraudulent companies. Our bill also makes it easier for legitimate American small businesses to comply with the law by allowing them extra time to satisfy requests for information while the implementation of this law is fixed.
Bottom line: I will never stop protecting and defending our country against Chinese aggression. Preventing these shell companies from operating in the United States is a critical step in the right direction.