WASHINGTON, D.C. (March 22, 2025) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement on the removal of the requirement for U.S. small businesses to report Beneficial Ownership Information (BOI) to FinCEN under the Corporate Transparency Act.

“NFIB has been steadfast since the beginning that this onerous requirement is a massive intrusion into small businesses’ privacy and creates an unprecedented new government database on Americans. We agree with President Trump that requirements from the Corporate Transparency Act are ‘outrageous and invasive,’” said NFIB President Brad Close. “NFIB will continue to work with Congress to put the Administration’s actions into law and repeal the CTA fully. Furthermore, Congress should direct FinCEN to immediately destroy all of the data that was already submitted by small businesses out of fear they would face fines and prison time.”

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