🚨 BIG NEWS 🚨 My bipartisan bill to crack down on the Chinese Communist Party’s U.S.-based shell companies just passed the House of Representatives:
My Protect Small Businesses and Prevent Illicit Financial Activity Act will close a loophole in current law that China is exploiting to put our national security, economy, and intellectual property at risk.
Why is this happening and how can we stop it?
- A loophole in current law allows a business to claim “I don’t know” when it comes to reporting who owns the business – which is of course absurd. China is exploiting this flaw to set up more than 40,000 fake businesses in the United States.
- My bill closes this loophole to crack down on these fraudulent companies and makes it easier for Iowa’s legitimate small businesses to comply with the law by reducing red tape while this egregious error is fixed.
Bottom line: this is a major step in the fight against the Chinese Communist Party’s aggression and a win for Iowa’s real small businesses.