WASHINGTON, D.C. (March 17, 2026) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, submitted testimony for the record to the U.S. House Committee on Financial Services ahead of its hearing entitled “Updating America’s Financial Privacy Framework for the 21^st Century.” The testimony urges Congress to immediately protect small businesses by repealing the Corporate Transparency Act (CTA) and deleting the Beneficial Ownership Information (BOI) that millions of small businesses were required to file with the federal government.

“The significant data privacy risk from the BOI database is just one reason small businesses overwhelmingly oppose the CTA,” said Josh McLeod, NFIB Director of Federal Government Relations. “Thankfully, President Trump recognized the absurdity of BOI. He called the law ‘invasive, outrageous, and an economic menace.’ President Trump is right and small businesses overwhelmingly support his March 2025 exemption of U.S. businesses from the CTA. This exemption reduced compliance and regulatory costs by over $128 billion, allowing small businesses to keep more of their hard-earned dollars in their businesses and communities. Congress must make this massive regulatory savings permanent as soon as possible.

“Unfortunately, without Congressional leadership, the threat of BOI reemerging under a future Administration is likely. That is why over 30 million small businesses need Congress to step up and solidify this victory. If Congress fails to act, 32.6 million small business owners could be left vulnerable to data leaks and a future Administration reimposing this unconstitutional mandate.”

Read NFIB’s full testimony here.

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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.