Josh McLeod, NFIB’s director of government relations, joined Tony Riggsbee on “WPTF Morning News” to update listeners on efforts to permanently repeal a federal law that requires small businesses to report personally identifiable information for each beneficial owner to the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, or FinCEN.

If the law isn’t repealed or ruled unconstitutional, 32 million small businesses nationwide could once again be subject to the mandate. Businesses that fail to comply could face criminal and civil penalties, including up to two years in federal prison and fines of up to $10,000.

“We’re pretty concerned with the privacy of the information in this database,” McLeod told the Raleigh radio station. “President Trump stepped in in March and said, ‘This is invasive. It’s egregious. It’s an economic menace. We’re not going to enforce this.’”

However, McLeod said, the mandate remains in effect. “We’re concerned what happens under a future administration,” he said.

Click here to listen to the full interview.

NFIB continues to call on Congress to repeal the law and is urging FinCEN to destroy all beneficial ownership information data already submitted by small businesses. NFIB’s lawsuit challenging the mandate is still pending.

Visit NFIB’s website to learn more about this issue.