The National Federation of Independent Business (NFIB) has launched a new advertising campaign in Arkansas. The campaign includes radio and digital ads aimed at urging Congress to protect the privacy of small business owners by making permanent an exemption from the Beneficial Ownership Information (BOI) reporting rule, which they describe as unconstitutional and invasive.
NFIB President Brad Close emphasized the importance of legislative action following former President Trump’s order exempting small businesses from BOI enforcement. “President Trump’s announcement that America’s small businesses were exempt from enforcement of the unconstitutional and invasive Beneficial Ownership Information (BOI) reporting requirement was a huge victory for small business owners,” said Close. He further urged Congress to codify this exemption into law, repeal the BOI law entirely, and require the Financial Crimes Enforcement Network (FinCEN) to destroy all previously submitted beneficial ownership data.
The NFIB has been actively opposing BOI reporting regulations for over six years across various platforms, including Congress, executive agencies, and federal courts. The organization warns that if these regulations are not repealed, approximately 32 million small businesses could be subjected again to what they consider an unnecessary mandate. Non-compliance could result in severe penalties, including up to two years in federal prison and fines reaching $10,000.
For more information on the campaign or to listen to the radio ad, individuals can visit ProtectSmallBusiness.org.
