Bill · H.R. 425· House(119-HR-425)

Repealing Big Brother Overreach Act

Age: 56 years

Ohio

Introduced: 1/15/2025
Last activity: 6/18/2026 — Placed on the Union Calendar, Calendar No. 609.
Sponsored by: Warren Davidson
Cosponsors: - 193 - 0

Finance and Financial Sector

Introduced
On Calendar

What this bill would do

This bill, titled the "Repealing Big Brother Overreach Act," seeks to repeal the Corporate Transparency Act. It proposes significant changes to the beneficial ownership information reporting requirements under title 31 of the United States Code. The bill directs that the term "foreign" be inserted into various parts of the existing law regarding beneficial ownership. Additionally, it mandates the deletion of specific collected data. Specifically, the Financial Crimes Enforcement Network must delete information relating to non-foreign individuals and certain entities.

Yes

Would business owners be better off under this?+7
The bill benefits business owners by removing federal reporting requirements for their ownership information.
Does this protect people from being watched or searched?+7
The bill enhances privacy by mandating the deletion of beneficial ownership information for non-foreign individuals and entities.
Does this make it easier to run a small business?+6
The bill reduces the regulatory burden on small businesses by repealing the Corporate Transparency Act and deleting their beneficial ownership data.

The opposite

Does this make what the government does easier for the public to see?-5
The bill reduces transparency requirements by limiting the reporting of beneficial ownership information to only foreign persons.
Would people in cities be better off under this?-2
The reduction in transparency requirements may impact urban-based corporate oversight.