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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

H.R. 425 — what changed

Repealing Big Brother Overreach Act

From Introduced in House to Reported in House. 1 section amended between Introduced in House and Reported in House.

Sec. 2 Beneficial ownership information reporting requirements

(a)

changed In general— ~~The Corporate Transparency Act (title LXIV of division F~~ Section 5336 of ~~the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604)) and the amendments made by that Act are repealed.~~title 31, United States Code, is amended—

(1)

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

(2)

added 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)

added in subsection (a)—

(A)

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

(B)

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

(b)

added 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—

(b)

removed ~~Technical and conforming amendments—~~

(1)

removed ~~Title 31, United States Code, is amended—~~

(A)

removed ~~in section 5321(a)—~~

(i)

removed ~~in paragraph (1), by striking “sections 5314, 5315, and 5336” each place the term appears and inserting “sections 5314 and 5315”; and~~

(ii)

removed ~~in paragraph (6), by striking “(except section 5336)” each place the term appears; and~~

(B)

removed ~~in section 5322, by striking “section 5315, 5324, or 5336” each place the term appears and inserting “section 5315 or 5324”.~~

(1)

changed ~~Title LXV of the Anti-Money Laundering Act of 2020 (division F of the of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604))~~ any individual who is ~~amended—~~not a foreign beneficial owner (as such term is defined under such section 5336); or

(2)

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

(A)

removed ~~by repealing section 6502 (134 Stat. 4626); and~~

(B)

removed ~~in section 6509 (134 Stat. 4633)—~~

(i)

removed ~~by striking “(a) In general.—Subsection (l)” and inserting “Subsection (l)”; and~~

(ii)

removed ~~by striking subsection (b).~~

H.R. 425 — what changed

Sec. 2 Beneficial ownership information reporting requirements

Cite this provision

Incoming references