OKC Standard

Senator James Lankford from Oklahoma has raised concerns about the Beneficial Ownership rule and government spending. As a member of the Senate Finance Committee and Governmental Affairs Committees, Lankford spoke on the Senate floor, addressing these issues.

Lankford criticized the Beneficial Ownership rule, stating, "For over a year, I have worked to get rid of a rule that is driving every one of my small businesses in Oklahoma absolutely crazy." He described it as burdensome for small business owners and noted its origin in the Corporate Transparency and Beneficial Ownership Act within the National Defense Authorization Act of 2021. According to Lankford, this legislation was intended to combat money laundering but has instead caused difficulties for business owners.

Recently, a federal judge halted the implementation of this rule. The judge described it as "quasi-Orwellian" and questioned its constitutionality. Lankford expressed agreement with this decision: "I’m grateful this judge has stepped in to be able to stop its implementation." However, he emphasized his continued efforts to remove the regulation entirely.

In addition to discussing regulatory burdens, Lankford addressed government waste. He participated in discussions with members of Congress and figures like Elon Musk and Vivek Ramaswamy on improving government efficiency. He remarked that inefficiency is not desired by any Oklahoman: "The government should do its job and not somebody else’s job."

Lankford highlighted examples of what he considers wasteful spending, such as funding drag shows in Ecuador and studies on helmet usage in Ghana. He questioned why taxpayer dollars are used for such purposes instead of addressing domestic needs like infrastructure and education.

He referenced his annual publication, Federal Fumbles, which outlines government inefficiencies. Lankford acknowledged bipartisan support for enhancing governmental efficiency: "I’m grateful that there is a bipartisan conversation finally starting."

Lankford concluded by emphasizing responsible spending: "Don’t waste my money. Spend in the ways that we’re supposed to spend it."