NFIB Director of Federal Government Relations Josh McLeod joined WCSM Radio to talk about how the Trump administration rolled back the federal beneficial ownership requirements and why Congress should repeal the rule entirely to ensure small businesses have clarity on requirements.

“It’s so massive, 32.6 million small businesses were projected to register with FinCEN, most of whom have never heard of these requirements,” McLeod explained. “When we surveyed NFIB members, 83% came back and said I don’t know what this is.”

He continued, “This database is going to be open to local, state, federal, and international law enforcement and intelligence agencies that don’t have to get a warrant. I think small businesses should be very vigilant regarding their personal identifiable information.”

TAKE ACTION: Tell Congress to permanently repeal the law that established this mandate, and for FinCEN to immediately destroy all BOI data already submitted by U.S. small businesses.