Official Summaries

Repealing Big Brother Overreach Act

This bill repeals the Corporate Transparency Act. The act requires existing companies and newly created companies to report beneficial ownership information to the Department of the Treasury’s Financial Crimes Enforcement Network for purposes of addressing the financing of terrorism and money laundering.

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 100 Introduced in Senate (IS)]

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119th CONGRESS
  1st Session
                                 S. 100

               To repeal the Corporate Transparency Act.


_______________________________________________________________________


                   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4604)) and the amendments made by that Act are repealed.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).
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