What it means: Small business owners continue to urge Congress to repeal the beneficial ownership reporting requirement. The recent relief provided by the administration can be undone unless the Corporate Transparency Act is repealed by Congress.

Our take: “Absent intervention from the courts, Congress can clean this mess up by passing Chairman Davidson’s Repealing Big Brother Overreach Act. This legislation would repeal the CTA so a future administration could not revive or expand the statute. Congress could also exempt law-abiding U.S. small businesses from the CTA, as the Trump administration has proposed,” said Jeff Brabant, NFIB Vice President of Federal Government Relations, in his testimony.

Take Action: Keep the pressure on Congress to fully repeal beneficial ownership reporting. Send them a message now!

Small business saw a victory when the Financial Crimes Enforcement Network (FinCEN) removed requirements for U.S. small businesses to report Beneficial Ownership Information (BOI), but the fight is not over. NFIB Member Elden Johnson and NFIB Vice President of Federal Government Relations Jeff Brabant testified before two U.S. House Committees urging Congress to alleviate regulatory burdens and repeal the Corporate Transparency Act.

Elden, owner of Elden Johnson Transportation in Rush City, Minnesota, testified before the U.S. House Committee on Small Business with solutions for Congress to provide necessary regulatory protections for small businesses.

“Many small business owners are rightfully concerned with the privacy of their information, especially on this FinCEN database,” explained Elden in his testimony. “Congress must provide small businesses long-term relief by repealing this unconstitutional and intrusive small business mandate with H.R. 425, the Repealing Big Brother Overreach Act. Congress and the administration must also destroy the database that holds the information of U.S. small businesses who already filed their beneficial ownership information.”

Jeff testified before the U.S. House Committee on Financial Services urging Congress to permanently repeal the Corporate Transparency Act and destroy all BOI data already submitted.

“Federal, state, local, and international law enforcement, and intelligence agencies can access this information without a subpoena or warrant,” said Jeff in his testimony. “Small businesses fear their information will be targeted by criminals, politically motivated individuals, or subject to cyberattacks by our nation’s adversaries, that could expose their personal information to actual criminals and nefarious actors.”

More information is available, and NFIB’s lawsuit against BOI reporting remains active. Take Action: Keep the pressure on Congress to fully repeal beneficial ownership reporting requirements. Send them a message now!