ABMA Supports One-Year Delay for Corporate Transparency Act
ABMA joined about 135 other trade groups on a letter to the Chair and Ranking Member of the Senate Banking Committee asking for a one-year delay in implementation of the Corporate Transparency Act or CTA. Specifically, Senators Tim Scott (R-SC) and James Lankford (R-OK) have submitted amendments to the National Defense Authorization Act that would delay the CTA’s filing deadline by one year. Under current law, millions of small businesses have to file beneficial ownership information with FinCen—the Department of Treasury’s Financial Crimes Enforcement Network—beginning this year. Although many businesses have filed the requisite information, the law is obscure and most business owners lack awareness that this is an obligation and risk steep fines for non-compliance.
The letter may be found here: CTA letter
August Negotiations Expected on Workforce Reauthorization Bill
ABMA is hearing that the Senate will not move on a Workforce Innovation and Opportunity Act (WIOA) reauthorization bill until after the August recess. The Senate Health, Education, Labor and Pensions (HELP) Committee recently released a 441-page discussion draft of WIOA reauthorization legislation. The document largely tracks with the House-passed measure (H.R. 6655—the Stronger Workforce for America Act) but includes language that has drawn opposition from the business community. Specifically, there is provision in the Senate’s discussion draft that would preclude a company from receiving funding from any WIOA workforce program if that company has ever had a federal labor law violation. Known as the “blacklisting” provision, there is concern that even the most minor violation would lock a business out of existing workforce program participation. On the other side, labor unions are pressing committee Chairman Bernie Sanders (I-VT) to include more labor friendly provisions than what is already in the House-passed bill.
The bottom line is that House and Senate committee staff will be in negotiations over the month of August to try to forge consensus on legislation that can clear the upper chamber and make it to the President’s desk.
Potential CCCA Amendment Tied to Kids Online Security Act
ABMA has learned a CCCA amendment may be offered on the Senate floor during consideration of the Kids Online Security Act and Child Online Privacy Protection Act (KOSA/COPPA) which the upper chamber is currently debating. Senators Dick Durbin (D-IL) and Roger Marshall (R-KS) have for months been looking for an opportunity to secure a Senate floor vote on their amendment. We are monitoring the action closely, but if this latest vehicle moves without consideration of the CCCA, it will likely mean that any potential action on CCCA will wait until after the election in the Lame Duck session.
