The National Federation of Independent Business (NFIB) has expressed gratitude to President Donald Trump and Treasury Secretary Scott Bessent for updating the Financial Crimes Enforcement Network’s (FinCEN) interim final rule. The update narrows the scope of the Beneficial Ownership Information (BOI) reporting requirements, now applying exclusively to foreign reporting companies, thereby exempting American small businesses.
Jeff Brabant, NFIB Vice President of Federal Government Relations, expressed the organization's appreciation, stating, "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.” Brabant further urged Congress to act swiftly to make these changes permanent to protect small businesses from future burdensome reporting requirements. He also stressed the importance of destroying personal and private information that small businesses may have previously submitted, to prevent misuse.
NFIB has called for amendments to Section 5336 of Title 31 of the U.S. Code to solidify the temporary protection provided by the interim rule. The organization is also requesting that the Department of the Treasury ensure the destruction of all collected BOI data.
For half a decade, NFIB has been advocating against the Corporate Transparency Act and its associated BOI regulations through various platforms, including a lawsuit which remains ongoing.
