NFIB Vice President of Federal Government Relations, Jeff Brabant, recently appeared on POTUS Morningson SiriusXM with Tim Farley to discuss the Beneficial Ownership Information (BOI) reporting regulations. Brabant emphasized the need for Congress to repeal these regulations, which he described as unconstitutional and invasive.
Brabant explained that businesses with 20 or fewer employees must register their beneficial ownership information. This includes any business owner with a 25% or greater stake, requiring them to provide personal details such as a photocopy of their driver's license and taxpayer identification number. He noted that even individuals with substantial control over the business, like senior staffers or general counsel without ownership stakes, would need to register. Failure to comply could result in up to two years in prison and fines up to $10,000.
He further highlighted concerns about the Financial Crimes Enforcement Network's role in setting up a database accessible by law enforcement without a subpoena or warrant.
For more than six years, NFIB has opposed BOI reporting regulations through legislative efforts and legal challenges. The organization warns that if not repealed, these mandates could affect 32 million small businesses nationwide.
NFIB has been advocating for small and independent business owners across America for over 80 years. It is a nonprofit, nonpartisan organization dedicated exclusively to supporting these businesses since its founding in 1943.
