Coffey Urges Less Overregulation
Springfield IL…State Representative Mike Coffey (R-Springfield) fought back against House Bill 742 in the Financial Institutions and Licensing Committee this week. This bill passed committee with all Republicans voting against the measure. Rep. Coffey said this bill is prime example of how Democrat politicians drive businesses and families out of Illinois due to mounting regulations.
HB742 would require digital asset businesses and organizations to register and submit an application with the Illinois Department of Financial and Professional Regulation (IDFPR). This bill also gives the Department distinct powers to enforce digital asset regulations.
“This bill totally misses the mark and would no doubt hamper business growth in Illinois,” said Coffey. “If we really want to grow our economy, we must stop overregulating businesses with unnecessary mandates. We need to make Illinois more business friendly and support the great businesses that call Illinois their home.”
Coffey, a small business owner himself, has promoted policy that would cut red tape and make it easier for businesses to operate. HB 742 has not yet been voted on in the House. You can follow its progress at ilga.gov.
For more information contact Rep. Coffey’s office at 217-782-0053 or [email protected].
Representative Mike Coffey serves the constituents of Illinois’ 95th House District that includes parts of Sangamon County, including portions of the City of Springfield and Villages of Chatham and Rochester as well as parts of Macon and Christian Counties.
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