Plain English
GovGreed Synthesis ·
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.
Market Impact Map
Action Timeline
2025-01-15
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
2025-01-15
Introduced in Senate
Full Bill Text
116 S100 IS: Repealing Big Brother Overreach Act U.S. Senate 2025-01-15 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. II 119th CONGRESS 1st Session S. 100 IN THE SENATE OF THE UNITED STATES January 15, 2025 Mr. Tuberville (for himself, Mr. Cruz , Mr. Ricketts , Mr. Moreno , Ms. Lummis , Mrs. Blackburn , Mr. Boozman , Mr. Scott of Florida , Mr. Sullivan , Mrs. Fischer , Mr. Sheehy , Mr. Tillis , Mr. Budd , Mr. Paul , Mr. Hagerty , Mr. Cramer , Mrs. Hyde-Smith , Mr. Lankford , Mr. Marshall , Mr. Schmitt , Mr. Barrasso , Mr. Daines , Mr. Risch , Mr. Young , and Mr. Lee ) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs A BILL To repeal the Corporate Transparency Act. 1. Short title This Act may be cited as the Repealing Big Brother Overreach Act . 2. Repeal (a) In general The Corporate Transparency Act (title LXIV of division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 ( Public Law 116–283 ; 134 Stat. 4604)) and the amendments made by that Act are repealed. (b) Technical and conforming amendments (1) Title 31, United States Code, is amended— (A) in section 5321(a)— (i) in paragraph (1), by striking sections 5314, 5315, and 5336 each place the term appears and inserting sections 5314 and 5315 ; and (ii) in paragraph (6), by striking (except section 5336) each place the term appears; and (B) in section 5322, by striking section 5315, 5324, or 5336 each place the term appears and inserting section 5315 or 5324 . (2) Title LXV of the Anti-Money Laundering Act of 2020 (division F of the of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 ( Public Law 116–283 ; 134 Stat. 4604)) is amended— (A) by repealing section 6502 (134 Stat. 4626); and (B) in section 6509 (134 Stat. 4633)— (i) by striking (a) In general .—Subsection (l) and inserting Subsection (l) ; and (ii) by striking subsection (b).
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