HR 425
Repealing Big Brother Overreach Act
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Bill overview
This bill seeks to eliminate the Corporate Transparency Act, which required companies to report information about their beneficial owners to the Treasury Department. Supporters of the repeal argue that the act imposes unnecessary burdens and privacy concerns on businesses. The bill aims to remove these reporting requirements, simplifying compliance for companies.
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119th CONGRESS — 1st Session
H. R. 425
IN THE HOUSE OF REPRESENTATIVES
A BILL
To repeal the Corporate Transparency Act.
This Act may be cited as the Repealing Big Brother Overreach Act
.
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Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604)) and the amendments made by that Act are repealed.
sections 5314, 5315, and 5336each place the term appears and inserting
sections 5314 and 5315; and
in paragraph (6), by striking (except section 5336)
each place the term appears; and
in section 5322, by striking section 5315, 5324, or 5336
each place the term appears and inserting section 5315 or 5324
.
by repealing section 6502 (134 Stat. 4626); and
in section 6509 (134 Stat. 4633)—
by striking (a) In general.—Subsection (l)
and inserting Subsection (l)
; and
by striking subsection (b).