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!