WASHINGTON, D.C. (April 11, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, thanked President Donald Trump and Treasury Secretary Scott Bessent regarding updating the Financial Crimes Enforcement Network’s (FinCEN) interim final rule narrowing the scope of the Beneficial Ownership Information (BOI) reporting requirements so that they apply exclusively to foreign reporting companies and not America’s small businesses. NFIB encourages the Administration to take additional steps to provide permanent relief to small businesses nationwide by deleting the data that has been collected under the previous BOI reporting requirements.

“America’s small businesses are very appreciative of President Trump and Secretary Bessent for standing up for Main Street and relieving them of these harmful Beneficial Ownership Information reporting requirements, but more work remains,” said Jeff Brabant, NFIB Vice President of Federal Government Relations. “Congress should take immediate action to make this relief permanent and prevent small businesses from being subjected in the future to these burdensome and invasive reporting requirements. Furthermore, we ask Treasury to destroy the personal and private information that many small businesses had already provided, to ensure it does not fall into the wrong hands for nefarious use.”

NFIB recently sent a letter that highlights the importance of repealing or amending Section 5336 of Title 31 of the U.S. Code, which outlines the BOI reporting requirements, such that the temporary protection for America’s small businesses afforded by the interim final rule is made permanent and irreversible. NFIB also petitions the Department of the Treasury to revise the final rule to stipulate that all previously collected BOI be destroyed.

For five years, NFIB has fought against the Corporate Transparency Act and BOI reporting regulations in Congress, executive branch agencies, and in the courts. NFIB’s lawsuit challenging the Corporate Transparency Act is still ongoing.