The National Federation of Independent Business (NFIB) is advocating for a bill that seeks to limit the beneficial ownership information reporting requirements.
Specifically, the bill, S.4419, would limit the Corporate Transparency Act’s beneficial ownership information (BOI) reporting requirement to foreign entities only. Thus, it would exempt all U.S. companies and U.S. persons from the mandate.
“Repealing the invasive Beneficial Ownership Information mandate would protect over 32 million small businesses from being forced to hand over more personal data to the federal government,” NFIB Director of Federal Government Relations Josh McLeod said. “The new federal database created by the BOI reporting law is a disaster waiting to happen, and it’s time for FinCEN to destroy the unconstitutionally collected BOI data of America’s small businesses. NFIB strongly supports this legislation and urges swift action to protect over 32 million small businesses from this invasive government mandate.”
NFIB has opposed the Beneficial Ownership Information reporting regulations in Congress for years, advocating to permanently block and repeal it.
The bill was introduced in the senate by Sen. John Kennedy (R-LA).
“NFIB strongly supports S. 4419 and urges swift action to protect over 32 million small businesses from this invasive government overreach. Thank you for your leadership to provide regulatory relief to small businesses in Louisiana and across the nation,” McLeod wrote in a letter to Kennedy.