“Any business with 20 or fewer employees… is going to have to register their beneficial ownership information, which basically is a complicated way to saying any business owner with 25% or greater stake, which is easy enough to understand, has to register their information, which is a photocopy of their driver’s license, their taxpayer identification number and a few other things… as well as folks who have substantial control over the business… [substantial control] is so vaguely defined to essentially mean anyone that is a very senior staffer. They even used the example of a general counsel, that has zero ownership stake, is going to have to register as well. And if you don’t, you can go to jail for two years, you’ll get fined up to $10,000.”  

[…]  

“The Financial Crimes Enforcement Network, which is a bureau under Treasury, they’re the federal financial crimes intelligence agency… They were supposed to set up this big database that federal, state and local law enforcement would be able to access over 12,000 law enforcement folks would be able to access without a subpoena or a warrant to basically find out if they’re investigating you.” 

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 If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate.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. 

Listen to Brabant’s interview here.