Repealing Big Brother Overreach Act
- Bill Number
- H.R. 425
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-06-18: Placed on the Union Calendar, Calendar No. 609.
- Last Updated
- 2026-07-06T22:06:15Z
AI-Generated Summary
Purpose This legislation aims to limit the scope of the Corporate Transparency Act by restricting beneficial ownership reporting requirements to foreign persons and entities only, while requiring the deletion of certain domestic data.
Key Provisions
- Short Title: The Act is named the "Repealing Big Brother Overreach Act."
- Amendments to Reporting Rules: It modifies Section 5336 of Title 31, United States Code, by adding the word "foreign" to references involving beneficial ownership information.
- Definition Changes: Beneficial ownership now applies only to foreign individuals, and reporting companies are limited to those formed under foreign law.
- Data Deletion Requirement: Within 90 days of enactment, the Financial Crimes Enforcement Network must remove all beneficial ownership information related to U.S. domestic individuals or entities that are not foreign beneficial owners or reporting companies.
Significant Changes to Existing Law The bill narrows the Corporate Transparency Act, which previously required reporting from most U.S. corporations and limited liability companies, to apply solely to foreign-related entities. It also mandates the removal of previously collected domestic data, effectively scaling back the original law's reach without fully repealing it.
Potential Impacts
- Government Agencies: The Financial Crimes Enforcement Network would need to update systems, delete records, and adjust enforcement to focus only on foreign beneficial ownership.
- Citizens and Businesses: U.S. domestic companies would face reduced reporting obligations and have their data removed from federal records.
- International Relations: The changes could affect information sharing with foreign partners on anti-money laundering efforts involving non-U.S. entities.
Main Stakeholders Affected
- U.S. small businesses and corporations previously subject to reporting.
- The Financial Crimes Enforcement Network and related federal agencies.
- Foreign individuals and entities with ownership interests in U.S. companies.
- Law enforcement and financial regulators relying on ownership data.
Notable Legal, Constitutional, or Political Implications The legislation raises questions about data privacy by requiring deletion of collected information. It also highlights tensions between national security goals and reduced federal oversight of domestic business structures.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Davidson, Warren [R-OH-8]
Cosponsors (193)
Rep. Balderson, Troy [R-OH-12], Rep. Bergman, Jack [R-MI-1], Rep. Biggs, Andy [R-AZ-5], Rep. Buchanan, Vern [R-FL-16], Rep. Burlison, Eric [R-MO-7], Rep. Cammack, Kat [R-FL-3], Rep. Ciscomani, Juan [R-AZ-6], Rep. Cloud, Michael [R-TX-27], Rep. Clyde, Andrew S. [R-GA-9], Rep. Crane, Elijah [R-AZ-2], Rep. Dunn, Neal P. [R-FL-2], Rep. Edwards, Chuck [R-NC-11], Rep. Ellzey, Jake [R-TX-6], Rep. Estes, Ron [R-KS-4], Rep. Ezell, Mike [R-MS-4], Rep. Finstad, Brad [R-MN-1], Rep. Fischbach, Michelle [R-MN-7], Rep. Fleischmann, Charles J. "Chuck" [R-TN-3], Rep. Foxx, Virginia [R-NC-5], Rep. Fulcher, Russ [R-ID-1], Rep. Graves, Sam [R-MO-6], Rep. Greene, Marjorie Taylor [R-GA-14], Rep. Grothman, Glenn [R-WI-6], Rep. Guest, Michael [R-MS-3], Rep. Hageman, Harriet M. [R-WY-At Large], Rep. Hern, Kevin [R-OK-1], Rep. Houchin, Erin [R-IN-9], Rep. Hudson, Richard [R-NC-9], Rep. Johnson, Dusty [R-SD-At Large], Rep. LaHood, Darin [R-IL-16], Rep. Langworthy, Nicholas A. [R-NY-23], Rep. Lee, Laurel M. [R-FL-15], Rep. Mace, Nancy [R-SC-1], Rep. Moolenaar, John R. [R-MI-2], Rep. Moore, Barry [R-AL-1], Rep. Norman, Ralph [R-SC-5], Rep. Ogles, Andrew [R-TN-5], Rep. Perry, Scott [R-PA-10], Rep. Pfluger, August [R-TX-11], Rep. Rose, John W. [R-TN-6], Rep. Rouzer, David [R-NC-7], Rep. Roy, Chip [R-TX-21], Rep. Rulli, Michael A. [R-OH-6], Rep. Schweikert, David [R-AZ-1], Rep. Smith, Jason [R-MO-8], Rep. Smith, Adrian [R-NE-3], Rep. Stauber, Pete [R-MN-8], Rep. Tenney, Claudia [R-NY-24], Rep. Thompson, Glenn [R-PA-15], Rep. Tiffany, Thomas P. [R-WI-7] and 143 more
Recent Actions
- 2026-06-18: Placed on the Union Calendar, Calendar No. 609.
- 2026-06-18: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- 2026-06-18: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- 2026-04-21: Ordered to be Reported by the Yeas and Nays: 26 - 25.
- 2026-04-21: Committee Consideration and Mark-up Session Held
- 2025-01-15: Referred to the House Committee on Financial Services.
- 2025-01-15: Introduced in House
- 2025-01-15: Introduced in House
Bill Versions
- Repealing Big Brother Overreach Act — issued 2025-01-15 — PDF (3 pages)
- Repealing Big Brother Overreach Act — issued 2026-06-18 — PDF (8 pages)