NFIB Director of Federal Government Relations Josh McLeod penned an op-ed in Washington Examiner, urging Congress to repeal the invasive Beneficial Ownership Information (BOI) reporting requirement. The law, part of the Corporate Transparency Act, mandates that over 30 million small businesses register their beneficial ownership information with the Financial Crimes Enforcement Network.

Regulatory Relief for Small Businesses

McLeod commends President Trump for protecting American small businesses from the law and its egregious penalties. He explains that if the law were enforced, over 16 million small businesses could face civil and criminal penalties of up to $10,000 and up to two years in prison. While the mandate isn’t currently being enforced, the law remains on the books, and a future administration could reimpose it.

McLeod argues that Congress must provide Main Street with permanent relief by making Trump’s $128 billion regulatory cost-saving exemption permanent. This would prevent the threat of the invasive law from reemerging under a future administration.

Original reporting: NFIB (National Federation of Independent Business) — read the source article.