NFIB Director of Federal Government Relations Josh McLeod joined Alabama’s Morning News with JT on News Radio 105.5 WERC in Birmingham on June 29 to discuss efforts to repeal the Beneficial Ownership Information (BOI) reporting requirements.

Recently, NFIB launched new ads in Alabama urging U.S. Rep. Mike Rogers and Congress to permanently repeal the law that established the invasive and unconstitutional Beneficial Ownership Information (BOI) mandate, and for the Financial Crimes Enforcement Network (FinCEN) to immediately destroy all BOI data already submitted by U.S. small businesses.

“This all stems from the 2021 National Defense Authorization Act. That’s the NDAA in Washington speak. That’s the bill that funds the military. So, in that bill, in a tiny backroom somewhere in Washington, they came up with this idea to force all small businesses in the United States, 32.6 million total, to register with the federal government with the Financial Crimes Enforcement Network, which was a subagency of Treasury. So, it’s massively burdensome, it’s huge, I mean 32.6 million small businesses are pulled in under this regulatory net and we’ve been fighting it for almost a decade as an organization and continue to fight it trying to get some common sense here in Washington.”

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“The intent was to go after shell companies and illicit finance. And again, that’s all a worthy goal but there’s a much more targeted and tailored way to do that and we probably could enforce the laws on the books instead of adding this brand-new regulatory regime to pull in all small businesses across the country… President Trump came in in March [2025] and he said this burdensome thing, this Beneficial Ownership Information, BOI, is invasive, it’s egregious, it’s an economic menace. He exempted U.S. businesses from having to register. And in total, that was the largest deregulatory savings of 2025, $128 billion of regulatory savings for small businesses. So, our message to Congress, our message to the administration is help us lock in that $128 billion regulatory savings. Let’s get this done.”