WASHINGTON, D.C. (Oct. 29, 2025) – NFIB President Brad Close joined SiriusXM’s The David Webb Show to give the latest update on Beneficial Ownership Information (BOI) reporting requirements. Close discussed how the Trump Administration ended enforcement of this mandate but explained that Congress still needs to immediately repeal this invasive regulation. 

Listen to Close’s interview here. 

“President Trump and the Administration have done a wonderful job on this issue trying to help small businesses, but we’re at the point now where Congress has to act and that’s the key point. We are asking Congress to not only repeal this law, but also to mandate that all the data that some small business owners – millions of them – have already put into the system because they were required to [be destroyed] so this personal information is gone. The Trump Administration has been great. Their Treasury Department has said that they are going to put out a rule at the end of the year, and that rule will contain a requirement to destroy the data. But what the Administration can’t do is repeal a law that’s on the book and this is a really, really bad law on the books and only Congress can do that.” 

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“To remind listeners, this law was created in [2021] and it requires only businesses with 20 or fewer employees to report their personal business information and that of their co-owners and that of their managers and people who have a significant stake in the business, to a brand-new federal government database under the Financial Crimes Enforcement Network, part of [the Treasury Department]. So, a lot of people in Congress supported this. Now, a lot of them have come around and realized that this was a mistake. I think having the president out there reminding them that this was a bad idea is very helpful, but we still need to get them across the line. So, while a lot of them have changed their minds or come around part way, we need to get them to vote on this, to put it on the floor and to repeal it and that’s got to happen, we think by the end of this year.” 

Earlier this month, Close penned an op-ed in the National Review urging Congress to immediately repeal this invasive and unnecessary government mandate. 

For over six years, NFIB has fought against Beneficial Ownership Information reporting regulations in Congress, executive branch agencies, and the federal courts, working to permanently block and repeal it. If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate. Those who fail to comply would be subject to criminal and civil penalties of up to two years in federal prison and up to $10,000. 

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For over 80 years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington, D.C., and in all 50 state capitals. NFIB is nonprofit, nonpartisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.