NFIB has initiated a new advertising campaign in South Carolina, featuring radio and digital ads. The campaign urges Congress to protect small business owners’ privacy by enacting President Trump’s order exempting American small businesses from the Beneficial Ownership Information (BOI) reporting rule. The NFIB calls for the full repeal of the BOI law and demands that the Financial Crimes Enforcement Network (FinCEN) destroy all previously submitted beneficial ownership information.
“President Trump’s announcement that America’s small businesses were exempt from enforcement of the unconstitutional and invasive Beneficial Ownership Information (BOI) reporting requirement was a huge victory for small business owners,” stated NFIB President Brad Close. “Now the fight shifts to Congress; they must take immediate action to codify President Trump’s order into law, fully repeal the outrageous BOI law, and require FinCEN to destroy the data of the millions of small business owners who have already complied with this unconstitutional mandate.”
For over six years, NFIB has opposed Beneficial Ownership Information reporting regulations through various channels including Congress, executive agencies, and federal courts. If not repealed, 32 million small businesses across the nation could be subject to what NFIB describes as an unnecessary and unconstitutional mandate. Non-compliance with this rule could lead to criminal and civil penalties up to two years in prison and fines reaching $10,000.
