WASHINGTON—U.S. Senators Jim Risch (R-Idaho), Mike Crapo (R-Idaho), and Rick Scott (R-Fla.) with U.S. House of Representatives Financial Services Chairman Patrick McHenry and 76 of their colleagues wrote U.S. Treasury Secretary Janet Yellen and Director of the Financial Crimes Enforcement Network (FinCEN) Andrea Gacki urging the administration to delay the implementation of new reporting requirements for small businesses.

“On behalf of the millions of small businesses in our states, we write to you today with significant concerns regarding the implementation of the beneficial ownership reporting requirements under the Corporate Transparency Act (CTA),” wrote the elected officials. “ . . . While the goal of this new law is to target shell companies involved in illicit financial transactions, the CTA defines covered entities as those having 20 or fewer employees and under $5 million in revenue. In other words, not just shell companies, but nearly every small business in America.”

“Unfortunately, FinCEN is woefully behind in educating small business owners and stakeholders of their new obligations under the CTA that begin in just a few short weeks . . . This lack of awareness and education is alarming and must be addressed before the law is implemented,” continued the leaders. “FinCEN has yet to finalize the two final BOI rulemakings that are critical to protecting small businesses’ personal information. We strongly request that FinCEN delay the January 1, 2024, effective date for all BOI requirements by a minimum of one year and FinCEN has finalized all outstanding rulemakings. We believe a year’s delay will provide FinCEN and the business community with more time to educate owners of their new obligations. It will also give FinCEN time to review the new rules and improve and finalize the statute’s regulatory framework.”

The full letter is available here.

Joining Senators Risch, Crapo, and Scott are U.S. Senators Mike Rounds (R-N.D.), John Thune (R-S.D.), Shelley Moore Capito (R-W. Va.), John Barrasso (R-Wyo.), Joni Ernst (R-Iowa), Ted Cruz (R-Texas), Mike Braun (R-Ind.), Roger Marshall (R-Kan.), Dan Sullivan (R-Ala.), Bill Hagerty (R-Tenn.), Pete Ricketts (R-Neb.), Ted Budd (R-N.C.), Thom Tillis (R-N.C.), James Lankford (R-Okla.), Jerry Moran (R-Kan.), Ron Johnson (R-Wis.), Deb Fischer (R-Neb.), Cindy Hyde-Smith (R-Miss.), Katie Boyd Britt (R-Ala.), Steve Daines (R-Mont.), J.D. Vance (R-Ohio), Mike Lee (R-Utah), Cynthia Lummis (R-Wyo.), Kevin Cramer (R-N.D.), and John Kennedy (R-La.).

The letter is also supported by numerous organizations, including: 

• Air Conditioning Contractors of America
• American Building Materials Alliance
• American Council of Independent Laboratories
• American Rental Association
• American Subcontractors Association
• American Supply Association
• Associated Equipment Distributors
• Associated General Contractors of America
• Community Associations Institute
• Energy Marketers of America
• FCA INTERNATIONAL
• Foodservice Equipment Distributors Association
• Forest Resources Association
• Forging Industry Association
• GAWDA
• Global Cold Chain Alliance
• Hardwood Federation
• ICSC
• Independent Bakers Association
• Independent Electrical Contractors
• Industrial Fasteners Institute
• International Housewares Association
• Main Street Employers Coalition
• Manufactured Housing Institute
• Manufacturer & Business Association
• Marine Retailers Association of the Americas
• Metals Service Center Institute
• Nareit
• National Association of Convenience Stores
• National Association of Sporting Goods Wholesalers
• National Association of Wholesaler-Distributors
• National Community Pharmacists Association (NCPA)
• National Cotton Council
• National Federation of Independent Business (NFIB)
• National Insulation Association
• National Marine Distributors Association
• National Ready Mixed Concrete Association
• National Roofing Contractors Association
• National Tooling and Machining Association
• National Waste & Recycling Association
• National Wooden Pallet & Container Association
• NEMRA (NATIONAL ELECTRICAL MANUFACTURERS REPRESENTATIVES ASSOCIATION®)
• New Mexico Farm & Livestock Bureau
• North American Association of Food Equipment Manufacturers (NAFEM)
• Oregon Cattlemen’s Association
• Outdoor Power Equipment and Engine Service Association
• Pet Industry Distributors Association
• Plumbing-Heating-Cooling Contractors--National Association
• Precision Machined Products Association
• Precision Metalforming Association
• Private Investor Coalition
• Rocky Mountain Agribusiness Association
• S Corporation Association
• Small Business & Entrepreneurship Council
• Society of Collision Repair Specialists (SCRS)
• South Dakota Trust Association
• Specialty Equipment Market Association (SEMA)
• Subchapter S Bank Association
• The Association for Hose and Accessories Distribution
• The Fertilizer Institute
• The Real Estate Roundtable
• The Transportation Alliance
• Tile Roofing Industry Alliance
• Tire Industry Association
• Wholesale Florist & Florist Supplier Association
• Wine Institute
• Wood Machinery Manufacturers of America
• Workplace Solutions Association