H.R. 425House119th Congress (2025-2027)In Committee

Repealing Big Brother Overreach Act

Introduced January 15, 2025

AI-Generated Summary

Updated June 19, 2026 at 4:51 AM UTC

The Repealing Big Brother Overreach Act would effectively undo the Corporate Transparency Act. It changes the law so that only foreign beneficial owners are subject to reporting, and it orders the Treasury’s Financial Crimes Enforcement Network to erase the ownership data it has already collected for domestic owners and for entities that were not required to report. The change would affect most U.S. corporations, limited‑liability companies and similar entities that currently must disclose who owns them.

Key Provisions

  • Amends Section 5336 of Title 31 to insert the word “foreign” throughout, limiting beneficial‑ownership reporting to foreign persons only.
  • Directs FinCEN, within 90 days of enactment, to delete all beneficial‑ownership information it has gathered for individuals who are not foreign beneficial owners and for companies that are not designated as reporting companies under the current law.

Legislative Activity

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5 earlier actions
HouseCalendars Latest Action

Placed on the Union Calendar, Calendar No. 609.

June 18, 2026

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HouseIntro Referral

Introduced in House

January 15, 2025

HouseIntro Referral

Referred to the House Committee on Financial Services.

January 15, 2025

HouseCommittee

Committee Consideration and Mark-up Session Held

April 21, 2026

HouseCommittee

Ordered to be Reported by the Yeas and Nays: 26 - 25.

April 21, 2026

HouseCommittee

Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.

June 18, 2026

HouseCalendars

Placed on the Union Calendar, Calendar No. 609.

June 18, 2026

Bill Text

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Reported in HouseIssued June 18, 2026

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Union Calendar No. 609

119th CONGRESS

2d Session

H. R. 425

[Report No. 119–701]

IN THE HOUSE OF REPRESENTATIVES

January 15, 2025

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


June 18, 2026

Additional sponsors: Mr. Murphy, Mrs. Harshbarger, Mr. Allen, Mr. Begich, Mr. Schmidt, Mr. Cole, Mr. Self, Mr. Obernolte, Mr. Crank, Mr. Fallon, Mr. Fry, Mr. Comer, Mr. Palmer, Mr. Bacon, Mr. Gosar, Mr. Nehls, Mr. Webster of Florida, Mr. Kennedy of Utah, Mr. McGuire, Mr. Bilirakis, Mr. Steube, Mrs. Miller-Meeks, Mrs. Kiggans of Virginia, Mr. Strong, Mrs. Miller of West Virginia, Mr. Walberg, Mr. Nunn of Iowa, Mr. Green of Tennessee, Mr. Higgins of Louisiana, Mrs. Hinson, Mr. Goldman of Texas, Mr. Westerman, Mr. Miller of Ohio, Mr. DesJarlais, Mr. Gooden, Mr. Moore of West Virginia, Mr. Newhouse, Mr. Moran, Mr. Moore of North Carolina, Mr. Carter of Texas, Mr. Carey, Mr. Evans of Colorado, Mr. Feenstra, Mr. Donalds, Mr. Shreve, Mr. Mills, Mr. Wied, Ms. Malliotakis, Mr. Latta, Mr. Kelly of Pennsylvania, Mr. Carter of Georgia, Mr. Valadao, Mr. Hunt, Mr. Smucker, Mr. Flood, Mr. Timmons, Mrs. Fedorchak, Mr. Brecheen, Mr. Jackson of Texas, Mr. Alford, Mr. Turner of Ohio, Mr. Amodei of Nevada, Mr. Baird, Mr. Hurd of Colorado, Mr. Sessions, Mr. LaMalfa, Mr. Messmer, Mr. McCormick, Mr. McDowell, Mr. Burchett, Mr. Tony Gonzales of Texas, Mr. Hamadeh of Arizona, Ms. Maloy, Mrs. Miller of Illinois, Mr. Harris of Maryland, Mr. Bresnahan, Mr. Jordan, Mr. Patronis, Mr. Harris of North Carolina, Mr. Owens, Ms. Boebert, Mr. Jack, Mr. Kustoff, Mr. Simpson, Mr. Huizenga, Mr. Arrington, Mr. Mackenzie, Mr. Wittman, Mr. Lawler, Mr. Barr, Mr. Rogers of Kentucky, Mr. Fine, Mr. Joyce of Ohio, Mr. Joyce of Pennsylvania, Mr. Mann, Ms. Letlow, Mr. Rogers of Alabama, Mr. Guthrie, Mr. Fong, Mr. Babin, Mr. Aderholt, Mrs. Biggs of South Carolina, Mr. Cline, Mr. McCaul, Mr. LaLota, Mr. Van Drew, Mr. Moore of Utah, Ms. Salazar, Mrs. Luna, Ms. Stefanik, Mr. Wilson of South Carolina, Mr. Bentz, Mr. Massie, Mr. Calvert, Mr. Kean, Mr. Baumgartner, Mr. Austin Scott of Georgia, Mr. Issa, Mr. Meuser, Mr. Rutherford, Mr. Mast, Ms. De La Cruz, Mr. Gimenez, Mr. Harrigan, and Mr. Knott


June 18, 2026

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed

Strike out all after the enacting clause and insert the part printed in italic

For text of introduced bill, see copy of bill as introduced on January 15, 2025


A BILL

To repeal the Corporate Transparency Act.


1.

Short title

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

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).

June 18, 2026

Reported with an amendment, committed to the Committee of the Whole House on the State of the Union, and ordered to be printed