Hawkeye Reporter

The National Federation of Independent Business (NFIB), a prominent small business advocacy group, has launched a new advertising campaign in Iowa. The campaign features radio and digital ads aimed at urging Congress to protect small businesses from the Beneficial Ownership Information (BOI) reporting requirements.

The advertisements call for Congress to codify into law an order by former President Trump, which exempts American small businesses from what NFIB describes as "unconstitutional and invasive" BOI reporting rules. Additionally, the ads advocate for the full repeal of the BOI law and demand that the Financial Crimes Enforcement Network (FinCEN) destroy all beneficial ownership information already submitted by U.S. small businesses.

Brad Close, NFIB President, stated, “President Trump’s announcement that America’s small businesses were exempt from enforcement of the unconstitutional and invasive Beneficial Ownership Information (BOI) reporting requirement was a huge victory for small business owners.” He added that Congress must act quickly to solidify this exemption into law, repeal the BOI law entirely, and ensure FinCEN eliminates existing data from compliant small business owners.

For more than six years, NFIB has opposed BOI reporting regulations across various governmental platforms. The organization warns that if these regulations are not repealed, 32 million small businesses nationwide could be affected by what it terms an unnecessary mandate. Non-compliance with these regulations could result in criminal and civil penalties including up to two years in federal prison and fines up to $10,000.

Further details on this initiative can be found at ProtectSmallBusiness.org.