NFIB State Director Katie Burns has called on Congress to repeal the Beneficial Ownership Information (BOI) reporting requirements under the Corporate Transparency Act (CTA). In an op-ed published in the Arkansas Democrat Gazette, Burns outlined concerns about the impact of these regulations on small businesses.
“For years, House Financial Services Chairman French Hill has fought against the Corporate Transparency Act, including co-sponsoring legislation to repeal the law. Small businesses need Chairman Hill and the entire Arkansas Congressional delegation to deliver real regulatory relief for the more than 32 million small-business owners who once again could be required to file their sensitive information to a federal database. Last month, FinCEN announced it will destroy the unconstitutionally collected BOI data of America’s small businesses, just hours after lawmakers sent a letter urging them to do so. Congress must finish the job and repeal the CTA,” Burns wrote.
Burns explained that while recent legislative actions have provided tax relief for small businesses, further steps are needed regarding regulatory burdens. She described how the CTA requires certain small businesses—those with 20 or fewer employees and $5 million or less in sales—to submit personally identifiable information to a federal database managed by FinCEN. Failure to comply can result in civil and criminal penalties.
She also noted that these requirements extend beyond business owners to include employees or managers with “substantial control” over day-to-day operations. According to Burns, this expansion increases compliance costs and raises privacy concerns because various law enforcement agencies can access this information without a subpoena or warrant.
Burns argued that most small-business owners are law-abiding citizens and questioned whether such regulations would deter criminal activity. She stated that prior to the CTA, banks collected similar information from their customers at significant cost but shifted this responsibility onto small businesses through legislative changes.
President Trump has criticized BOI as an “economic menace” and an “outrageous and invasive” requirement. In March, the Treasury Department announced exemptions for U.S. small businesses from this mandate.
The op-ed concludes by urging Congress to act decisively: “Congress must finish the job and repeal the CTA.”
