NFIB Director of Federal Government Relations Josh McLeod joined The Moon Griffon Show last week 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.

“Now we’re looking ahead at some of our next fights. One of them that you and I have talked about in the past is this Beneficial Ownership Information (BOI) reporting mandate that pulls in 32.6 million small businesses into this new federal database with Treasury and we’ve been fighting this for over a decade and unfortunately it came to be through the 2021 NDAA, which is the bill that funds the military. This was thrown in in one of those backroom, smoke-filled rooms that folks in Louisiana and across the country hate so much. But it’s pretty invasive. If small businesses do not comply, they face up to a $10,000 fine and two years in prison. So, it’s invasive, it’s massive, it’s very burdensome. President Trump came in in March of 2025, said we’re going to exempt U.S. businesses from this. So, that saved over $128 billion of regulatory costs for small businesses but now we got to have Congress step in and make sure that those savings are permanent and that’s our fight right now.”

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“And that’s why it’s critical that folks reach out to their members of Congress. And look, a lot of them are already cosponsors of the bill to repeal it, but they still need to hear. They still need to hear from people in order to prioritize the issue. So, this is why we continue to advocate for permanent protection here.”