DES MOINES, IOWA (August 13, 2026) — The National Federation of Independent Business (NFIB), the nation’s leading small-business-advocacy organization, released the following statement in support of the US Department of Treasury’s final rule protecting over 32 million US 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 US 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.”
“The unconstitutional BOI mandate added unnecessary pressure to Iowa’s small businesses,” said NFIB Iowa State Director Cody Carlson.
“We’re thankful the Trump Administration saw how invasive this law was and stopped it. That said, there’s still work to be done. Lawmakers on Capitol Hill must permanently repeal the BOI mandate to ensure this burden on Main Street is gone for good.”
For over eighty years, NFIB has been advocating on behalf of America’s small and independent business owners, both in Washington DC and in all fifty state capitals. NFIB is non-profit, non-partisan, and member-driven. Since our founding in 1943, NFIB has been exclusively dedicated to small and independent businesses, and remains so today. For more information, please visit nfib.com.
