WASHINGTON, D.C. (Feb 13, 2025) – NFIB Vice President of Federal Government Relations Jeff Brabant recently joined Mottek On Money on KABC in Los Angeles to discuss the burdensome Beneficial Ownership Information reporting requirements mandated by the Corporate Transparency Act (CTA) and why small businesses are urging Congress to repeal the CTA.

Brabant considers how this mandate will negatively impact small business owners throughout the country and highlights the concerns shared by NFIB members regarding the privacy of their personal information and the burden of compliance.

“This only affects businesses with 20 or fewer employees and less than $5 million in revenue … So, if you want to open up a small business, you now have to prove with the national intelligence agency, the Financial Crimes Enforcement Network (FinCEN), and register with them the driver’s license information, the business address of not only the owners of your business, but anyone with substantial control of the business.”

Listen to Brabant’s interview here: https://youtu.be/fu0yyC_ZlE0

NFIB’s lawsuit challenging the CTA is still ongoing. In the meantime, Congress can pass the Repealing Big Brother Overreach Act, legislation that would repeal the CTA and permanently relieve small businesses of the beneficial ownership information reporting requirements.