---
kind: "diff"
citation: "H.R. 425"
bill: "119-hr-425"
heading: "Repealing Big Brother Overreach Act"
from: "ih"
from_label: "Introduced in House"
to: "rh"
to_label: "Reported in House"
sections_amended: 1
sections_added: 0
sections_removed: 0
url: "https://uscodex.org/bills/119/hr/425/changes/rh"
---

# H.R. 425 — what changed

H.R. 425, Repealing Big Brother Overreach Act — 1 section amended between Introduced in House and Reported in House.

Edits are marked `<del>struck</del>` and `<ins>inserted</ins>`.

## Sec. 2 Beneficial ownership information reporting requirements

- (a) In general— <del>The Corporate Transparency Act (title LXIV of division F </del><ins>Section 5336 </ins>of <del>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Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604)) and the amendments made by that Act are repealed.</del><ins>title 31, United States Code, is amended—</ins>
  - (1) <ins>by inserting “foreign” after “Beneficial” each place such term appears in heading or text;</ins>
  - (2) <ins>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</ins>
  - (3) <ins>in subsection (a)—</ins>
    - (A) <ins>in paragraph (3)(A), by inserting after “individual who” the following: “is a foreign person and”; and</ins>
    - (B) <ins>in paragraph (11)(A), by striking “that is” and all that follows through “(ii) formed” and inserting “that is formed”.</ins>
- (b) <ins>Deletion of data relating to non-reporting companies—</ins> <ins>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—</ins>
- (b) <del>Technical and conforming amendments—</del> <del></del>
  - (1) <del>Title 31, United States Code, is amended—</del>
    - (A) <del>in section 5321(a)—</del>
      - (i) <del>in paragraph (1), by striking “sections 5314, 5315, and 5336” each place the term appears and inserting “sections 5314 and 5315”; and</del>
      - (ii) <del>in paragraph (6), by striking “(except section 5336)” each place the term appears; and</del>
    - (B) <del>in section 5322, by striking “section 5315, 5324, or 5336” each place the term appears and inserting “section 5315 or 5324”.</del>
  - (1) <del>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)) </del><ins>any individual who </ins>is <del>amended—</del><ins>not a foreign beneficial owner (as such term is defined under such section 5336); or</ins>
  - (2) <ins>a corporation, limited liability company, or other similar entity that is not a reporting company (as such term is defined under such section 5336).</ins>
    - (A) <del>by repealing section 6502 (134 Stat. 4626); and</del>
    - (B) <del>in section 6509 (134 Stat. 4633)—</del>
      - (i) <del>by striking “(a) In general.—Subsection (l)” and inserting “Subsection (l)”; and</del>
      - (ii) <del>by striking subsection (b).</del>