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CIVIC HERALD
HR 425 · 119th Congress · HouseOther

Repealing Big Brother Overreach Act

In plain language: This bill exempts U.S. citizens and domestic business owners from federal requirements to disclose their personal identifying information and ownership stakes to the Treasury Department. Moving forward, only foreign individuals who own or control companies would be required to file beneficial ownership reports. The legislation also requires the Financial Crimes Enforcement Network (FinCEN) to delete all previously collected ownership data regarding American owners and exempt businesses within 90 days.

Provisional: our plain-language summary, pending review.

Provisionalunreviewed: impact, issue tags, provisions, stakeholders, summary
People affected—Not determinable from the text provided; the bill exempts domestic reporting entities and individuals from FinCEN reporting but does not provide specific population numbers.
Fiscal magnitude—no CBO estimate published
Reach75provisional · pending reviewrigor: heuristic llm
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Issues

What this bill touches.

Banking/financial rules−55Security vs. privacy+50Regulation (cross-sector)−50

The sign shows the bill's direction on each issue (+ toward, − away); the number is its magnitude. Color never encodes good or bad, and never party.

Who it affects

Who it helps · who it burdens.

Who it helps

  • Domestic businesses and U.S. beneficial ownersSec. 2(a) exempts domestic companies and non-foreign individuals from federal beneficial ownership reporting requirements under 31 U.S.C. 5336, and Sec. 2(b) requires FinCEN to delete their previously submitted beneficial ownership data within 90 days.provisional

Who it burdens

  • Financial Crimes Enforcement Network (FinCEN)Sec. 2(b) mandates that FinCEN must identify and delete all previously collected beneficial ownership records for non-foreign individuals and exempt entities within 90 days of enactment.provisional

Dollar-level funding (FEC sector totals) is coming in a later phase.

What it does

The provisions, in plain language.

  1. Limits federal beneficial ownership reporting requirements under the Corporate Transparency Act to foreign entities and foreign individuals, exempting domestic companies and U.S. citizens.

    Sec. 2(a)provisional

  2. Requires the Financial Crimes Enforcement Network (FinCEN) within 90 days to delete all previously collected beneficial ownership information for individuals who are not foreign owners and entities that are no longer required to report.

    Sec. 2(b)provisional

How your members of Congress line up

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Timeline

How it moved.

  1. Jun 18, 2026Placed on the Union Calendar, Calendar No. 609.
  2. Jun 18, 2026Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
  3. Jun 18, 2026Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
  4. Apr 21, 2026Ordered to be Reported by the Yeas and Nays: 26 - 25.
  5. Jan 15, 2025Introduced in House
  6. Jan 15, 2025Introduced in House

The original text

Read it for yourself.

Read the original text →

Sources & provenance

Congress.govrefreshed 17 days ago

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