The Trump administration has made Main Street a central priority — and limiting the reach of the Corporate Transparency Act’s Beneficial Ownership Information rule was one of its best decisions so far. The rule required small businesses to hand over sensitive ownership data to the Treasury Department’s Financial Crimes Enforcement Network, under threat of heavy fines and criminal penalties. Large corporations were mostly exempt.
After small-business owners and pro-business lawmakers protested, the administration moved quickly. In March, it issued an interim rule exempting U.S. small businesses and citizens from the reporting mandate. Treasury then opened a public comment period to shape a final rule. That comment window closed five months ago, and yet the final rule still hasn’t arrived.
The administration must not allow deep-state bureaucrats and bad actors to stall this reform. Small businesses need clarity and relief — now, not after another election cycle.
Small-business owners want the exemption locked in for good — not left vulnerable to reversal by a future administration. Ohio Republican Rep. Warren Davidson’s Repealing Big Brother Overreach Act, with nearly 200 co-sponsors, aims to make that exemption permanent. But some lawmakers say they can’t codify until Treasury finalizes the rule. The delay is holding back certainty for millions of entrepreneurs.
Many of those same business owners also want FinCEN to purge the personal data they already submitted before the exemption took effect. With hacking and misuse always possible, they’re demanding the government delete the information it never should have collected.
FinCEN Director Andrea Gacki acknowledged the concern during a congressional hearing. “Along with the resolution of this rule, we also intend to resolve questions around the data that we have collected and dispose of data that is no longer legally required,” Gacki said.
A purge appears to be on the table — but without urgency from Treasury, the data remains at risk.
Gacki told Congress the rule would be finalized “in the upcoming year.” Whether that means 2025 or 2026 is anyone’s guess. The longer the Treasury Department drags its feet, the closer we get to the midterms — and the less likely Congress is to act in time.
Brian Reardon, president of the S Corporation Association, put it bluntly: “Intentions are well and good, but we need action. Sixteen million small businesses filed their owners’ personal information under the old rules. The only way to protect that information is to purge the database now.”
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The National Federation of Independent Business agrees. NFIB’s Josh McLeod said, “President Trump was right to call BOI egregious, invasive, and an economic menace. Unfortunately, a future administration can simply rewrite this burdensome mandate back into existence. Small businesses urgently need the Trump administration and Congress to repeal the CTA and destroy the data.”
Small businesses remain the backbone of the U.S. economy. Reducing legal uncertainty and lifting needless regulatory burdens should stay at the top of Congress’ agenda. Finalizing the CTA BOI rule — and permanently securing the exemptions for small businesses and citizens — is an easy, commonsense win for Main Street.
The Trump administration must not allow deep-state bureaucrats and bad actors to stall this reform. Small businesses need clarity and relief — now, not after another election cycle.
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