National Federation of Independent Business
The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in support of the U.S. Department of Treasury’s final rule protecting over 32 million U.S. small businesses from registering their Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). The final rule also commits FinCEN to quickly destroying the personal BOI data unnecessarily submitted by U.S. small business owners. This significant action saves small businesses from over $128 billion of regulatory and compliance costs.
“Small businesses greatly appreciate President Trump and Secretary Bessent standing up for Main Street,” said NFIB President Brad Close. “The final rule protects American small and independent businesses from this onerous reporting mandate and requires the destruction of previously submitted personal data. But Congress needs to finish the fight. We look forward to working with the Trump Administration to urge Congress to permanently repeal the invasive BOI law. We thank the Trump Administration for its work on behalf of America’s small businesses.”
“The unconstitutional BOI law added extra pressure on Nebraska’s small business community,” said NFIB Nebraska State Director Ryan McIntosh. “Main Street can now breathe a sigh of relief knowing that the Trump Administration has stopped this unnecessary burden. Now, Congress must finish the fight and permanently repeal the BOI law.”
