May 31, 2024 | Blog Posts

Fighting for Main Street 

Small businesses are the backbone of Iowa’s economy and employ more than half of Iowa’s workforce. Unfortunately, D.C. bureaucrats are drowning small businesses in red tape – making it harder for them to put the key in the door each day.  

Today, I hosted a forum for Iowa small businesses with U.S. Department of Treasury Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki in Ankeny to hear directly from small businesses on the red tape that’s making it harder for them to do business. 

Right now, FinCEN is responsible for collecting ownership reporting requirements from businesses to root out nefarious shell companies operated by China and other bad actors. However, when they implemented these requirements, FinCEN failed to notify small businesses of new reporting requirements. According to the National Federation of Independent Businesses (NFIB), 90% of NFIB members had never heard of the new reporting requirements.

That’s why I introduced the bipartisan Small Business Red Tape Relief Act to hold FinCEN accountable for educating businesses on these requirements. Today’s forum was a step in the right direction to help small businesses understand the requirements and to help FinCEN understand the burden on Main Street.

This morning was only the start of an important and ongoing conversation. We need to fight back against Chinese shell companies, but we can do it without penalizing law abiding job creators who are supporting our community.