WASHINGTON, D.C. (Jan. 20, 2026) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, joined more than 100 trade associations in sending a letter to U.S. Secretary of the Treasury Scott Bessent calling for an immediate purge of the Corporate Transparency Act’s (CTA) Beneficial Ownership Information (BOI) database of all U.S. businesses that already filed and for the quick promulgation of the final rule exempting U.S. businesses from the burdensome reporting requirements.

“The Corporate Transparency Act has created a privacy, constitutional, and security nightmare for law-abiding Main Street business owners while failing to stop the criminal activity it was intended to target,” said NFIB Director of Federal Government Relations Josh McLeod. “NFIB strongly urges the current Administration to destroy the unconstitutionally collected BOI data of America’s small businesses and issue a final rule that will exempt U.S. small businesses from BOI reporting requirements.”

Read the full letter and view participating trade associations here.

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 If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate.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