MADISON, Wis. (July 15, 2026) – NFIB Director of Federal Government Relations Josh McLeod joined Wisconsin’s Weekend Morning Newson WTMJ to update listeners on NFIB’s current efforts to repeal the Beneficial Ownership Information (BOI) reporting requirements.
Recently, NFIB launched new ads in Wisconsin urging Rep. Bryan Steil (R-Wis.) and Congress to permanently repeal the law that established the invasive and unconstitutional BOI mandate, and for the Financial Crimes Enforcement Network (FinCEN) to immediately destroy all BOI data already submitted by U.S. small businesses.
Listen to McLeod’s interview here.
“And so, you had a lot of small businesses that continue to this day to have no idea what this Beneficial Ownership (BOI) reporting mandate is. But it’s very intrusive. In total, 32.6 million small businesses were projected to register with the federal government in a brand-new federal database that will be housed at the Financial Crimes Enforcement Network. That’s the law enforcement arm of the U.S. Treasury. So, it’s up to a $10,000 fine and two years in prison. It’s not or, it’s and. So, it carries significant weight. And so again, you have a lack of awareness for small businesses. These massive penalties, there’s a lot of data privacy concerns that come with this brand-new database and who can access it. So, when we talk to small businesses, this only affects them. If you have under 20 employees and $5 million in revenue, those are the only businesses that have to register with the government.”
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“Right now, number one, if you’re a small business owner, read up about this mandate. It could come back and you don’t want to face those penalties. Contact your senator, contact your members of Congress and say, ‘Repeal this thing now. This has got to get done. We have a very short window of opportunity. The time to do it is today.’”
