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US HB425
Bill
Status
1/15/2025
Primary Sponsor
Warren Davidson
Click for details
AI Summary
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Repeals the Corporate Transparency Act (Title LXIV of the FY2021 National Defense Authorization Act, Public Law 116-283), which required certain businesses to report beneficial ownership information to the federal government
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Removes all amendments made by the Corporate Transparency Act, including section 5336 of Title 31, U.S. Code, which established the beneficial ownership reporting requirements
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Makes technical amendments to Title 31 to remove references to the repealed section 5336 from civil and criminal penalty provisions (sections 5321 and 5322)
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Repeals section 6502 of the Anti-Money Laundering Act of 2020 and amends section 6509 to remove related provisions
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Introduced January 15, 2025, with 66 Republican cosponsors and referred to the House Committee on Financial Services
Legislative Description
Repealing Big Brother Overreach Act
Finance and financial sector
Last Action
Referred to the House Committee on Financial Services.
1/15/2025