The National Federation of Independent Business (NFIB) has launched a new advertising campaign in Washington D.C. and several states, urging lawmakers to protect the privacy of small business owners. The campaign includes radio and digital ads that call on Congress to codify into law President Trump's order exempting American small businesses from the Beneficial Ownership Information (BOI) reporting rule. The NFIB also seeks the full repeal of the BOI law and demands that the Financial Crimes Enforcement Network (FinCEN) destroy all beneficial ownership information data already submitted by U.S. small businesses.
The advertisements will be broadcast starting this week through August in Alabama, Arkansas, Indiana, Iowa, Kentucky, Louisiana, Mississippi, South Carolina, South Dakota, and Washington D.C.
“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,” said 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 in Congress, executive branch agencies, and federal courts. The organization aims to permanently block and repeal these regulations. If not repealed entirely, 32 million small businesses nationwide could face compliance with what NFIB describes as an unnecessary mandate. Non-compliance could result in criminal and civil penalties of up to two years in federal prison and fines up to $10,000.
