NFIB: Major Win for Small Businesses as Trump Administration Finalizes Rule on Beneficial Ownership Reporting
Main Street still needs Congress to permanently repeal invasive BOI mandate and protect small businesses
PIERRE, SD (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.”
“South Dakota small businesses are thankful the Trump Administration has stopped the unconstitutional BOI mandate,” said NFIB South Dakota State Director Jason Glodt. “South Dakota’s business community performs better when it’s not weighed down by regulatory burdens. Congress must finish the fight and repeal the BOI law permanently.”
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Let’s call a spade a spade. The repeal of the FinCEN requirement regarding BOI is not a win for small business owners. It’s a win for people who want to hide their money and for criminals who want to hide their money. I own a small business and the reporting requirements were about as difficult and burdensome as making a piece of toast in the morning. Corporations have a legitimate role to play for small business owners — allowing an individual to shield personal property from loss, etc. But, letting people know you legitimately own a business — so that criminals and money launderers can be rooted out and stopped — is neither an invasion of privacy nor a burden. The burden is letting people hide income from taxes and move money around to clean it. Repealing this rule is being celebrated by the cartels — absolutely!
Once again the oligarchs the republicans created win another
Leave the spreading of happy-talk PR press releases to Fox News and Fox Radio. Let’s have more skepticism about the cancellation of transparency measures. Let’s have more skepticism about Trump and MAGA bureaucrats and lawmakers dishing more exclusiveness and protection to the richest, while crushing down on the rest of us.
NFIB is a few steps below life, cancer, and heart insurance traveling salesmen. They use the buzz words, analyze the age of the house, equipment, and vehicles on the place, to pick the expected membership level. They are experts at the political awareness of their victims. While they sell freedumb to small town businessmen, including farmers, their work in Pierre and beyond strangles the very schools, nursing homes, hospitals, corrections, higher ed, and mental health services, upon which those NFIB members depend. What higher goal can there be in life than to be an NFIB grifter?
And throw AFP (Americans for Prosperity) in the same garbage bag. AFP preys upon the same community institutions that NFIB does, all in the name of freedumb and prosperity, while they suck the blood out of the communities that have provided them the workforce that has “a good work ethic” and common sense for generations. Surprise! The next generation of those workers is going to continue to get smaller and smaller. Any guess as to why?
The fact that Glodt tried to sell this as a victory for the little man really, really sticks in my craw.