H.R. 425 · On the floor · Finance and Financial Sector

Repealing Big Brother Overreach Act

Sponsor: Warren Davidson (R-OH)

What it does

• Repeals the Corporate Transparency Act, which requires companies to report beneficial ownership information to the Treasury's Financial Crimes Enforcement Network.
• Eliminates the reporting mandate that applies to both existing and newly formed companies.
• Removes Treasury's authority to collect beneficial ownership data for purposes of combating terrorism financing and money laundering.

Official summary

Repealing Big Brother Overreach Act This bill repeals the Corporate Transparency Act. The act requires existing companies and newly created companies to report beneficial ownership information to the Department of the Treasury’s Financial Crimes Enforcement Network for purposes of addressing the financing of terrorism and money laundering.

Latest action

Jun 18, 2026: Placed on the Union Calendar, Calendar No. 609.

Committee: House Financial Services