New Bill Combats Shell Company Corruption and Helps Small Businesses

WASHINGTON, DC -- Representatives Carolyn Maloney (D-NY) and Peter King (R-NY) introduced today the Corporate Transparency Act, a House bill aimed at preventing shell companies from hiding corrupt and criminal activity. The US is one of the easiest places in the world to open a shell company. 

 

Amanda Ballantyne, National Director of the Main Street Alliance, a national network of small business coalitions, issued the following statement: 

“Anonymous shell companies hurt small businesses. They enable fraud and corruption, distort the markets, and put small businesses at a competitive disadvantage. Small business owners support bipartisan efforts like today’s legislation that not only help level the playing field for small businesses, but also protect entrepreneurs and consumers from abusive and criminal practices.”

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