Interview with NFIB President on Beneficial Ownership Information Reporting

August 4, 2025

Small businesses push to repeal BOI reporting

What it means: NFIB President Brad Close joins The David Webb Show on SiriusXM to discuss Beneficial Ownership Information (BOI) reporting, its impact on small businesses, and why Congress should repeal the requirement.

Our take: “Now what we want to do is to take the president’s actions, really make it permanent, but that requires Congress. We want Congress to repeal the law and destroy all the data, because millions of small business owners already sent in their data under the threat that they would face fines and jail earlier this year under the previous administration. So, Congress needs to finish the work that the president’s already done,” said Brad Close, NFIB President.

Take Action: Make your voice heard and fight back against Beneficial Ownership Information reporting!

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Beneficial Ownership Information (BOI) reporting is a huge regulatory burden that only affects small businesses. NFIB President Brad Close joined The David Webb Show on SiriusXM to discuss the impact of BOI reporting on small business and the need for Congress to repeal and destroy the data already collected.

The interview covered:

BOI reporting

Congressional Action on BOI reporting

Legal consequences

Larger businesses have far more resources for dealing with regulations, and they are exempt from this new mandate. With the institution of the Corporate Transparency Act’s reporting requirement in 2024, businesses with fewer than 20 employees and $5 million or less in annual revenue were required to register their private information under threat of significant civil and criminal penalties—up to a $10,000 fine and two years in prison.

In March, President Trump exempted American small businesses from the Corporate Transparency Act’s reporting requirement, but without permanent action, more than 32 million small businesses could be jeopardized in the future if this requirement is reinstituted.

Close explained the necessity for the BOI information already collected to be destroyed. The Financial Crimes Enforcement Network (FinCEN) government database has significant security concerns for the sensitive personal information of businesses forced to file. More than 12,000 local, state, federal, and international law enforcement agents can access this information without a subpoena or a warrant, and security leaks are a real threat for small businesses. Action from Congress is required to ensure that the data of small businesses is protected now and going forward.

NFIB is asking Congress to permanently repeal this mandate and delete all information currently held by FinCEN to protect the safety and security of America’s small businesses. To hear more about what Congress can do to take action, listen to the full interview.

Take Action: Urge Congress to permanently repeal Beneficial Ownership Information reporting now.

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Topics:

Regulations

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