WASHINGTON, D.C. (May 1, 2026) – The National Federation of Independent Business, the nation’s leading small business advocacy organization, sent a letter to the U.S. Senate in support of S. 4419. This legislation would protect over 32 million American small businesses from the invasive and unconstitutional Beneficial Ownership Information (BOI) reporting mandate, which was created through the Corporate Transparency Act (CTA).

“Repealing the invasive Beneficial Ownership Information mandate would protect over 32 million small businesses from being forced to hand over more personal data to the federal government,” said NFIB Director of Federal Government Relations Josh McLeod. “The new federal database created by the BOI reporting law is a disaster waiting to happen, and it’s time for FinCEN to destroy the unconstitutionally collected BOI data of America’s small businesses. NFIB strongly supports this legislation and urges swift action to protect over 32 million small businesses from this invasive government mandate.”

Read the full letter here.

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 If not fully repealed, 32 million small businesses nationwide could once again be subjected to this unnecessary, invasive, and unconstitutional mandate.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