U.S. Congress legislation · 119th Congress
HB425: Repealing Big Brother Overreach Act
Status: In committee, June 18, 2026
To repeal the Corporate Transparency Act.
What the bill says
To repeal the Corporate Transparency Act.
From the committee substitute text, June 18, 2026:
A BILL To repeal the Corporate Transparency Act. SECTION 1. Short title This Act may be cited as the Repealing Big Brother Overreach Act . SECTION 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 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 …
Sponsors
- Warren Davidson (R, HD-008) · primary sponsor
- Troy Balderson (R, HD-012)
- Jack Bergman (R, HD-001)
- Andy Biggs (R, HD-AZ-5)
- Vern Buchanan (R, HD-FL-16)
- Eric Burlison (R, HD-007)
- Kat Cammack (R, HD-FL-3)
- Juan Ciscomani (R, HD-AZ-6)
- Michael Cloud (R, HD-027)
- Andrew Clyde (R, HD-009)
- Elijah Crane (R, HD-AZ-2)
- Neal Dunn (R, HD-002)
Latest actions
- : Placed on the Union Calendar, Calendar No. 609.
- : Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- : Ordered to be Reported by the Yeas and Nays: 26 - 25.
- : Committee Consideration and Mark-up Session Held
- : Referred to the House Committee on Financial Services.
- : Introduced in House
Subjects: Fraud offenses and financial crimes, Corporate finance and management, Terrorism, Banking and financial institutions regulation, Department of the Treasury, Finance and Financial Sector, Business records
Common questions
- What is HB425?
- HB425 is a bill in Congress (119th Congress): Repealing Big Brother Overreach Act.
- What does HB425 do?
- In its own words: To repeal the Corporate Transparency Act.
- What is the status of HB425?
- In committee as of June 18, 2026. Latest action: Placed on the Union Calendar, Calendar No. 609. (June 18, 2026).
- Who sponsored HB425?
- Warren Davidson (R, HD-008), with 11 co-sponsors.
- Where is the official record for HB425?
- On the Congress website: https://www.congress.gov/bill/119th-congress/house-bill/425
Source: official Congress record. Tracked by Delilah, AI for legislation across all 50 states and Congress.