Repealing Big Brother Overreach Act
Analysis under review: This bill has generated analysis that may be too generic or incomplete. Clause-level evidence remains available below.
Summary
What This Bill Does
This bill repeals the Corporate Transparency Act, the 2021 law that created federal beneficial ownership reporting for many corporations, limited liability companies, and similar entities. It repeals the CTA and the amendments made by that Act, then amends title 31 to remove references to section 5336 from civil and criminal penalty provisions. It also repeals section 6502 of the Anti-Money Laundering Act of 2020 and makes conforming changes to section 6509.
Who Benefits and How
Private LLC owners and small corporation owners benefit because they would no longer need to file beneficial ownership information with FinCEN or update ownership reports. Corporate formation law firms and registered agent businesses benefit from lower federal disclosure friction for entity formation clients. Real estate investors using LLCs benefit from restored privacy around ownership structures. Private equity fund managers and investment partnership managers benefit if portfolio entities avoid CTA reporting workflows. Businesses that missed filing deadlines benefit because CTA-related civil and criminal penalty exposure would be removed.
Who Bears the Burden and How
FinCEN beneficial ownership registry staff lose the statutory basis for collecting and maintaining CTA ownership reports. Money laundering investigators, tax evasion investigators, and corporate fraud prosecutors lose an ownership database intended to identify people behind shell companies. Anti-money-laundering compliance officers at financial institutions lose a federal data source that could support customer due diligence. Transparency and anti-corruption advocacy organizations bear a policy loss because anonymous ownership structures become easier to maintain.
Key Provisions
- Repeals the Corporate Transparency Act and all amendments made by that Act.
- Removes section 5336 references from title 31 civil penalty provisions.
- Removes section 5336 references from title 31 criminal penalty provisions.
- Repeals Anti-Money Laundering Act section 6502 and makes conforming section 6509 changes.
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
Repeals the Corporate Transparency Act and removes related beneficial-ownership reporting, penalty, and enforcement references from title 31 and the Anti-Money Laundering Act of 2020.
Key Policy Areas
Financial Regulation, Corporate Transparency, Anti-Money Laundering, Business Compliance
Primary Purpose
Repeals the Corporate Transparency Act and removes related beneficial-ownership reporting, penalty, and enforcement references from title 31 and the Anti-Money Laundering Act of 2020.
Policy Domains
House resolution provisions
Identified Gains
- Private LLC owners
- Small corporation owners
- Corporate formation law firms
- Registered agent businesses
- Real estate investors using LLCs
- Private equity fund managers
Identified Costs
- FinCEN beneficial ownership registry staff
- Money laundering investigators
- Tax evasion investigators
- Corporate fraud prosecutors
- Anti-money-laundering compliance officers
- Transparency advocacy organizations
Sponsors
Legislative Progress
ReportedAdditional sponsors: Mr. Murphy, Mrs. Harshbarger, Mr. Allen, Mr. Begich, …
Reported with an amendment, committed to the Committee of the …
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Referred to the House Committee on Financial Services.
Introduced in House
Mr. Davidson (for himself, Mr. Balderson, Mr. Bergman, Mr. Biggs …
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Private LLC owners, Small corporation owners
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "fincen"
- → Financial Crimes Enforcement Network
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology