What it means: NFIB launched a new radio and digital ad campaign urging members of Congress to protect the privacy of small business owners by repealing the Beneficial Ownership Information (BOI) reporting rule. NFIB’s ads will run from June to August across nine key states and Washington D.C. to require the Financial Crimes Enforcement Network (FinCEN) to destroy all BOI data. 

Our take: “Now the fight shifts to Congress; they must take immediate action to codify President Trump’s order into law, fully repeal the outrageous BOI law, and require FinCEN to destroy the data of the millions of small business owners who have already complied with this unconstitutional mandate,” said NFIB President Brad Close. 

Take Action: Send Congress a message to fully repeal beneficial ownership reporting. 

Despite the exemption for U.S. small businesses, Beneficial Ownership Information (BOI) containing personally identifiable data collected by the Financial Crimes Enforcement Network (FinCEN) has yet to be destroyed. This data has been stored in a new, untested government database and puts small business owners at risk of leaks or cyberattacks. NFIB’s new advertising campaign is targeting key states to destroy data already collected and repeal BOI reporting. 

The Corporate Transparency Act (CTA) that requires BOI reporting threatened criminal and civil penalties for small business owners who did not file by the end of 2024, including fines up to $10,000 and two years in federal prison. More than 32 million small businesses nationwide faced uncertainty until U.S. small businesses were no longer included. Without concrete action to fully repeal this mandate, BOI reporting could return in the future. 

Take Action: Send Congress a message to fully repeal beneficial ownership reporting.