NFIB President Brad Close recently appeared on SiriusXM's The David Webb Show to discuss the impact of Beneficial Ownership Information (BOI) reporting requirements on small businesses. Close argues that these regulations are unconstitutional and invasive, urging Congress to repeal them.
Close criticized the government's approach, stating, "The government thought it would be great to threaten small business owners with up to two years in prison and up to $10,000 of fines if they don’t submit basic paperwork to the government. So, it is totally outrageous." He praised the Trump administration for altering the rule to apply only to foreign-based businesses, exempting U.S. businesses.
Close emphasized the need for Congress to act: "So, now what we want to do is we want to take the president’s actions, really make it permanent, but that requires Congress. So, we want Congress to repeal the law and destroy all the data because millions of small business owners already sent in their data under the threat that they would face fines and jail earlier this year."
For over six years, NFIB has opposed BOI reporting regulations through various channels. If not repealed, 32 million small businesses could face penalties for non-compliance.
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