NFIB Director of Federal Government Relations Josh McLeod spoke on WCSM Radio about the Trump administration’s rollback of federal beneficial ownership requirements and urged Congress to repeal the rule for small business clarity.
“It’s so massive, 32.6 million small businesses were projected to register with FinCEN, most of whom have never heard of these requirements,” McLeod explained. “When we surveyed NFIB members, 83% came back and said I don’t know what this is.”
He continued, “This database is going to be open to local, state, federal, and international law enforcement and intelligence agencies that don’t have to get a warrant. I think small businesses should be very vigilant regarding their personal identifiable information.”
TAKE ACTION: Tell Congress to permanently repeal the law that established this mandate, and for FinCEN to immediately destroy all BOI data already submitted by U.S. small businesses.
