Repealing Big Brother Overreach Act

This bill would repeal the Corporate Transparency Act. Under current law, that act requires existing and newly formed companies to report information regarding their beneficial owners to the Financial Crimes Enforcement Network within the Department of the Treasury. These reporting requirements were established to assist the government in addressing money laundering and the financing of terrorism.

This bill affects both existing companies and newly created companies that are currently required to report beneficial ownership information. It also impacts the Department of the Treasury’s Financial Crimes Enforcement Network, which currently receives and maintains this data for the purpose of addressing money laundering and the financing of terrorism.

• Repeal of the Corporate Transparency Act. The bill would eliminate the Corporate Transparency Act in its entirety.
• Termination of beneficial ownership reporting requirements. The bill removes the requirement for existing and newly formed companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN).
• Removal of anti-money laundering reporting tools. The bill ends the specific reporting mechanism established to assist the Department of the Treasury in addressing money laundering and the financing of terrorism.

This bill repeals the Corporate Transparency Act, which currently requires companies to report beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) to combat money laundering and terrorism financing.

This bill seeks to repeal the Corporate Transparency Act, which currently requires companies to report beneficial ownership information to the Financial Crimes Enforcement Network to combat money laundering and the financing of terrorism.