WASHINGTON, D.C. (July 29, 2025) – NFIB President Brad Close joined SiriusXM’s The David Webb Show to explain how Beneficial Ownership Information (BOI) reporting requirements are unconstitutional and invasive for small businesses, and why Congress needs to repeal this regulation. 

Listen to Close’s interview here. 

“The government thought it would be great to threaten small business owners with up to two years in prison and up to $10,000 of fines if they don’t submit basic paperwork to the government. So, it is totally outrageous. The Trump administration has been great. They looked at this as soon as they came in. We had some really good conversations with them, gave them some stories and told them what this impact was. They saw this as a huge regulatory burden on the very small businesses they were trying to help all across the country. So, the president pretty quickly changed the rule to make this only apply to foreign-based businesses, to exempt any U.S. businesses. 

“So, now what we want to do is we want to take the president’s actions, really make it permanent, but that requires Congress. So, we want Congress to repeal the law and destroy all the data because millions of small business owners already sent in their data under the threat that they would face fines and jail earlier this year, under the previous administration. So, Congress needs to finish the work that the president’s already done.” 

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 If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate.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