Repealing Big Brother Overreach Act
Summary
What This Bill Does
This bill narrows federal beneficial-ownership reporting under section 5336 of title 31. In the reported version, it inserts "foreign" into the beneficial-ownership information reporting framework so the statute focuses on foreign beneficial owners and foreign beneficial ownership information rather than domestic-only ownership.
The bill also requires the Financial Crimes Enforcement Network to delete, within 90 days, beneficial-ownership information it collected for individuals who are not foreign beneficial owners and for corporations, limited liability companies, or similar entities that are not reporting companies under the amended definition.
Who Benefits and How
Small business taxpayers, domestic reporting company compliance officers, corporate formation lawyers, and private LLC managers benefit from reduced reporting exposure and deletion of previously collected domestic beneficial-ownership information. These owners, officers, lawyers, and managers would have fewer federal filing, recordkeeping, and privacy burdens when ownership is not foreign and the entity is not a reporting company.
Who Bears the Burden and How
The Financial Crimes Enforcement Network registry staff must identify and delete covered records within 90 days. Anti-money-laundering law enforcement officers and transparency advocacy organizations lose access to some domestic beneficial-ownership information that could otherwise support financial-crime investigations, sanctions screening, shell-company tracing, or corporate-transparency analysis.
Key Provisions
- Limits section 5336 beneficial-ownership reporting by inserting "foreign" into the statutory heading and text.
- Reduces reporting exposure for small business taxpayers, domestic reporting company compliance officers, corporate formation lawyers, and private LLC managers.
- Requires the Financial Crimes Enforcement Network to delete collected information for nonforeign beneficial owners within 90 days.
- Requires deletion of collected information for corporations, limited liability companies, and similar entities that are not reporting companies.
- Preserves foreign beneficial ownership reporting while removing domestic-only records from the FinCEN beneficial ownership registry.
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
Narrows Corporate Transparency Act beneficial-ownership reporting to foreign beneficial owners and directs FinCEN to delete collected information for nonforeign beneficial owners and nonreporting companies.
Key Policy Areas
Financial Regulation, Business Regulation, Privacy
Primary Purpose
Narrows Corporate Transparency Act beneficial-ownership reporting to foreign beneficial owners and directs FinCEN to delete collected information for nonforeign beneficial owners and nonreporting companies.
Policy Domains
Section 2 - Foreign beneficial ownership information reporting
Identified Gains
- Small business taxpayers
- Domestic reporting company compliance officers
- Corporate formation lawyers
- Private LLC managers
Identified Costs
- Financial Crimes Enforcement Network registry staff
- Anti-money-laundering law enforcement 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 …
Placed on the Union Calendar, Calendar No. 609.
Reported (Amended) by the Committee on Financial Services. H. Rept. …
Ordered to be Reported by the Yeas and Nays: 26 …
Committee Consideration and Mark-up Session Held
Mr. Davidson (for himself, Mr. Balderson, Mr. Bergman, Mr. Biggs …
Referred to the House Committee on Financial Services.
Introduced in House
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Domestic company beneficial owners, Private LLC owners, Small corporation owners
FinCEN beneficial ownership registry staff
FinCEN beneficial ownership registry staff faces effects in multiple directions
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "fincen"
- → Financial Crimes Enforcement Network
Key Definitions
Terms defined in this bill
The bill narrows beneficial-ownership information reporting by adding a foreign-person condition to the beneficial-owner framework.
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