Beth Milito, vice president and executive director of NFIB’s Small Business Legal Center, joined WWL First News on Tuesday to update listeners on NFIB’s current efforts to repeal the Beneficial Ownership Information (BOI) reporting requirements.

Recently, NFIB launched new ads in Louisiana urging Congress to permanently repeal the law that established the invasive and unconstitutional BOI mandate, and for the Financial Crimes Enforcement Network (FinCEN) to immediately destroy all BOI data already submitted by U.S. small businesses.

“So, BOI reporting is an egregious and an invasive and frankly pointless reporting mandate that Congress imposed on 32 million American small businesses back in 2021. And it would apply to, the crazy thing is, Tommy, it would apply to just small businesses. Basically, U.S. companies with 20 or fewer employees with under $5 million in gross receipts. And these companies will be required to send in all their personal information on their senior managers and all the owners to the U.S. Treasury Department. So again, a crazy reporting regime imposed on more than 32 million American small businesses.”

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“We at NFIB would like to see Congress repeal the Beneficial Ownership mandate by passing what is called the Repealing Big Brother Overreach Act, that’s H.R. 425. And this would codify President Trump’s small business exemption from the BOI reporting. So, we want Congress to pass H.R. 425. And I’m hoping that maybe some of your listeners out there will reach out to their elected representatives in Congress and urge them to support this bill because it would repeal this BOI mandate.”