MADISON, WI (Aug. 12, 2026) – The National Federation of Independent Business (NFIB), the nation’s leading small business advocacy organization, released the following statement in support of the U.S. Department of Treasury’s final rule protecting over 32 million U.S. small businesses from registering their Beneficial Ownership Information (BOI) with the Financial Crimes Enforcement Network (FinCEN). The final rule also commits FinCEN to quickly destroying the personal BOI data unnecessarily submitted by U.S. small business owners. This significant action saves small businesses from over $128 billion of regulatory and compliance costs.
“Small businesses greatly appreciate President Trump and Secretary Bessent standing up for Main Street,” said NFIB President Brad Close. “The final rule protects American small and independent businesses from this onerous reporting mandate and requires the destruction of previously submitted personal data. But Congress needs to finish the fight. We look forward to working with the Trump Administration to urge Congress to permanently repeal the invasive BOI law. We thank the Trump Administration for its work on behalf of America’s small businesses.”
“Wisconsin’s small business community performs best without excessive and unnecessary mandates,” said NFIB Wisconsin State Director Luke Bacher. “Thankfully, the Trump Administration has removed the unconstitutional BOI burden. Now, Congress needs to repeal the law permanently to ensure this requirement is gone for good.”
