NFIB Director of Federal Government Relations Josh McLeod joined WPTF Morning News 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 North Carolina urging Rep. Don Davis (R-N.C.) and 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.

“In total, you have 32.6 million small businesses that now have to register with the federal government. If they do not register, it’s potential fines of up to $10,000 and two years in prison. So, pretty harsh civil and criminal penalties for a law that, when we surveyed our members, NFIB members, 83% said ‘I don’t know what the heck you’re talking about.’ So, awareness is a big problem. It’s very burdensome. We have constitutional concerns and it’s not fair. If you’re a small business, under 20 employees and $5 million in revenue, you’re the only businesses that have to file. So, if you’re above that threshold, you don’t have to worry about this law. So, very burdensome for small businesses.”

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“So, the theory is that it will help the government target money launderers and shell companies. And I think the other side to that argument is criminals are not going to voluntarily file with the federal government. They’re not going to register. But every farmer, every restaurant, every small business owner across the country will because they’re terrified of those potential penalties. So, it’s a massive regulatory net that is pulling in 32.6 million small businesses and, unfortunately, it’s probably going to miss the criminals that it was intended to target. Thankfully, President Trump came in in March of 2025 and said, ‘We’re going to exempt American businesses from this.’  That action was the largest deregulatory action of 2025, saved small businesses over $120 billion with a B, of regulatory and compliance costs. So, it’s a massive victory, but as we know, these regulatory issues can change pretty quickly. And so, what we need is now for Congress to step in and make sure that that relief is permanent because this will come back under a future administration and that $128 billion of regulatory costs on small businesses will be back.”