Legislation Search

H.R. 425: Repealing Big Brother Overreach Act

This bill, titled the "Repealing Big Brother Overreach Act," aims to repeal the Corporate Transparency Act, which was part of the National Defense Authorization Act for Fiscal Year 2021. The main points of the bill are as follows:

1. Repeal of the Corporate Transparency Act

The law seeks to completely repeal the Corporate Transparency Act and the amendments made by it. This means that any requirements or regulations established by this Act would no longer be in effect.

2. Background of the Corporate Transparency Act

The Corporate Transparency Act was designed to enhance transparency in business ownership by requiring certain entities to disclose their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The intent was to combat money laundering and other illicit activities by tracking who truly controls and owns businesses.

3. Technical and Conforming Amendments

The bill also includes provisions for technical amendments. These adjustments involve changes in relevant sections of Title 31 of the United States Code and the Anti-Money Laundering Act of 2020. Specific details include:

Modifications to section 5321(a) that affect references to sections of law related to the Corporate Transparency Act.
Repealing section 6502 of Title LXV of the Anti-Money Laundering Act of 2020, which relates to similar transparency measures.

4. Implications of Repealing the Act

The repeal of this Act would eliminate the requirements for businesses to report their beneficial ownership information, potentially affecting efforts to monitor and prevent illicit financial activities.

Relevant Companies

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This is an AI-generated summary of the bill text. There may be mistakes.

Actions

4 actions

Date	Action
Apr. 21, 2026	Committee Consideration and Mark-up Session Held
Apr. 21, 2026	Ordered to be Reported by the Yeas and Nays: 26 - 25.
Jan. 15, 2025	Introduced in House
Jan. 15, 2025	Referred to the House Committee on Financial Services.

Corporate Lobbying

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Potentially Relevant Congressional Stock Trades

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