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Repealing Big Brother Overreach Act

To repeal the Corporate Transparency Act.

Introduced Jan 15, 2025

Latest action (Jan 15, 2025) Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Referred to
Banking, Housing, and Urban Affairs Committee
Policy area
Finance and Financial Sector
Issues
Economy & Taxes

Summary

This bill repeals the Corporate Transparency Act, a 2021 federal law that required certain business entities to disclose information about their beneficial owners to the Treasury Department. The bill eliminates the requirement for businesses to report this beneficial ownership information. Related references to these reporting obligations are removed from federal money laundering statutes.

AI-generated plain-language summary of the bill text — neutral, and may be imperfect. See the full text below for the exact wording.

Sponsor (1)
34 cosponsors

Money behind the sponsor

Top reported contributors to Tommy Tuberville’s campaign committee (2024 cycle) — who funds the bill’s sponsor, not a claim about this bill. Data from FEC.

  • NULL $68,223
  • BEASLEY ALLEN $19,800
  • RADIANCE TECHNOLOGIES $13,782
  • BEASLEY ALLEN LAW FIRM $13,200
  • LEWIS M. CARTER MANUFACTURING COMPANY $12,100

Organizations whose employees gave the most — itemized individual contributions grouped by the donor’s reported employer (FEC Schedule A). Full finance for Tommy Tuberville → · Outside spending →

Actions (2)
  1. Jan 15, 2025 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. · senate
  2. Jan 15, 2025 Introduced in Senate

Similar bills (6)

Bills with similar text or summary — includes reintroductions across Congresses. Ranked by semantic similarity of the bill text (computed locally); a neutral discovery aid, not a claim the bills are duplicates.

  • HR 425 — Repealing Big Brother Overreach Act · Introduced Jun 18, 2026 · Cong. 119 65%
  • S 1089 — Holding Foreign Insiders Accountable Act · Introduced Mar 24, 2025 · Cong. 119 61%
  • S 1240 — Defending America’s Future Elections Act · Introduced Apr 1, 2025 · Cong. 119 60%
  • HR 5037 — Office of Financial Research Accountability Act of 2014 · Introduced Jul 15, 2014 · Cong. 113 60%
  • S 1029 — Regulatory Accountability Act of 2013 · Introduced Mar 11, 2014 · Cong. 113 59%
  • S 153 — Repeal the TikTok Ban Act · Introduced Jan 20, 2025 · Cong. 119 59%

Full text

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.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the “Repealing Big Brother Overreach Act”.

SEC. 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). <all>

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