WASHINGTON, D.C. (July 29, 2026) – Beth Milito, Vice President and Executive Director of NFIB’s Small Business Legal Center, joined “Issues Today” with Bob Gourley to inform listeners on how U.S. small business owners remain at risk unless Beneficial Ownership Information (BOI) reporting is fully repealed by Congress.

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

Listen to Milito’s interview here.

“[Beneficial Ownership Information reporting] requires businesses, and it is just targeted to small businesses, those with more than 20 full-time employees and more than $5 million in U.S. receipts, so that’s small businesses, Main Street mom-and-pop businesses there, have to report to the U.S. Treasury Department the name, date of birth, residential address, and an identifying number from a government ID along with a copy, a picture of that government ID. So, passport, driver’s license, and that needs to come from all the owners of the business along with managers that have significant control over the business there too. So, that’s a lot of private information that, again, small business owners under this law are required to report in this massive database that Treasury has created.”

[…]

” [President Trump] came in in March and said, ‘Treasury you need to pause this, you need to stop this, this is ridiculous, you know, it’s invasive, it’s unconstitutional, it’s a gross overreach, so pause it.’ But what could happen is at any time, you know, another president, another different administration could come in, a different Congress could come in and say, ‘you know what, you need to reinstate this.’ And the other thing, Bob, too is before the president paused the law, over half of the small businesses, over half those 32 million small businesses that were subject to the Corporate Transparency Act had gone ahead and reported their information. So, there’s two things we need Congress to do: permanently repeal the Beneficial Ownership Information reporting requirements. So, Congress — repeal it, and U.S. Treasury Department — delete the information you’ve collected from those over 16 million small businesses that went ahead and reported the information before President Trump paused the requirement.”