Repealing Big Brother Overreach Act

H.R. 425 · 119th Congress · Jan 15, 2025 · Lineage

A BILL

To repeal the Corporate Transparency Act.

Section 1 Short title

This Act may be cited as the “Repealing Big Brother Overreach Act”.

Sec. 2 Beneficial ownership information reporting requirements

(a)

In general— Section 5336 of title 31, United States Code, is amended—

(1)

by inserting “foreign” after “Beneficial” each place such term appears in heading or text;

(2)

by inserting “foreign” after “beneficial” each place such term appears in heading or text (and conforming the item relating to such section 5336 in the table of contents for chapter 53 of title 31, United States Code, accordingly); and

(3)

in subsection (a)—

(A)

in paragraph (3)(A), by inserting after “individual who” the following: “is a foreign person and”; and

(B)

in paragraph (11)(A), by striking “that is” and all that follows through “(ii) formed” and inserting “that is formed”.

(b)

Deletion of data relating to non-reporting companies— Not later than 90 days after the date of enactment of this Act, the Financial Crimes Enforcement Network shall delete all beneficial ownership information collected pursuant to section 5336 of title 31, United States Code, with respect to—

(1)

any individual who is not a foreign beneficial owner (as such term is defined under such section 5336); or

(2)

a corporation, limited liability company, or other similar entity that is not a reporting company (as such term is defined under such section 5336).

Lineage

Jan 15, 2025viewing Reported in House Mr. Davidson (for himself, Mr. Balderson, Mr. Bergman, Mr. Biggs of Arizona, Mr. Buchanan, Mr. Burlison, Mrs. Cammack, Mr. Ciscomani, Mr. Cloud, Mr. Clyde, Mr. Crane, Mr. Dunn of Florida, Mr. Edwards, Mr. Ellzey, Mr. Estes, Mr. Ezell, Mr. Finstad, Mrs. Fischbach, Mr. Fleischmann, Ms. Foxx, Mr. Fulcher, Mr. Graves, Ms. Greene of Georgia, Mr. Grothman, Mr. Guest, Ms. Hageman, Mr. Hern of Oklahoma, Mrs. Houchin, Mr. Hudson, Mr. Johnson of South Dakota, Mr. LaHood, Mr. Langworthy, Ms. Lee of Florida, Ms. Mace, Mr. Moolenaar, Mr. Moore of Alabama, Mr. Norman, Mr. Ogles, Mr. Perry, Mr. Pfluger, Mr. Rose, Mr. Rouzer, Mr. Roy, Mr. Rulli, Mr. Schweikert, Mr. Smith of Missouri, Mr. Smith of Nebraska, Mr. Stauber, Ms. Tenney, Mr. Thompson of Pennsylvania, Mr. Tiffany, Ms. Van Duyne, Mr. Weber of Texas, Mr. Zinke, Mr. Collins, Mr. Bost, Mr. Kelly of Mississippi, Mr. Scott Franklin of Florida, Mr. Bean of Florida, Mr. Stutzman, Mr. Taylor, Mr. Barrett, Mr. Downing, Mr. Gill of Texas, Mr. Yakym, Mr. Van Orden, Mrs. Bice, Mr. Onder, and Mr. Griffith) introduced the following bill; which was referred to the Committee on Financial Services See what changed
Jan 15, 2025 Introduced in House Mr. Davidson (for himself, Mr. Balderson, Mr. Bergman, Mr. Biggs of Arizona, Mr. Buchanan, Mr. Burlison, Mrs. Cammack, Mr. Ciscomani, Mr. Cloud, Mr. Clyde, Mr. Crane, Mr. Dunn of Florida, Mr. Edwards, Mr. Ellzey, Mr. Estes, Mr. Ezell, Mr. Finstad, Mrs. Fischbach, Mr. Fleischmann, Ms. Foxx, Mr. Fulcher, Mr. Graves, Ms. Greene of Georgia, Mr. Grothman, Mr. Guest, Ms. Hageman, Mr. Hern of Oklahoma, Mrs. Houchin, Mr. Hudson, Mr. Johnson of South Dakota, Mr. LaHood, Mr. Langworthy, Ms. Lee of Florida, Ms. Mace, Mr. Moolenaar, Mr. Moore of Alabama, Mr. Norman, Mr. Ogles, Mr. Perry, Mr. Pfluger, Mr. Rose, Mr. Rouzer, Mr. Roy, Mr. Rulli, Mr. Schweikert, Mr. Smith of Missouri, Mr. Smith of Nebraska, Mr. Stauber, Ms. Tenney, Mr. Thompson of Pennsylvania, Mr. Tiffany, Ms. Van Duyne, Mr. Weber of Texas, Mr. Zinke, Mr. Collins, Mr. Bost, Mr. Kelly of Mississippi, Mr. Scott Franklin of Florida, Mr. Bean of Florida, Mr. Stutzman, Mr. Taylor, Mr. Barrett, Mr. Downing, Mr. Gill of Texas, Mr. Yakym, Mr. Van Orden, Mrs. Bice, Mr. Onder, and Mr. Griffith) introduced the following bill; which was referred to the Committee on Financial Services

Repealing Big Brother Overreach Act

Section 1 Short title

Sec. 2 Beneficial ownership information reporting requirements

Cite this provision

Incoming references