Repealing Big Brother Overreach Act

Senate Bill

S. 100

119th Congress

Repealing Big Brother Overreach Act

In Committee

Introduced:Jan 15, 2025

Primary Sponsor

Tommy Hawley Tuberville

Senator

Republican

AL

Cosponsors

34

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill repeals the Corporate Transparency Act, eliminating the requirement for companies to report beneficial ownership information to the Treasury Department Financial Crimes Enforcement Network, which was enacted to combat money laundering and terrorism financing.

Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

AI Summary

Plain-English explanation of this bill

This bill repeals the Corporate Transparency Act, eliminating the requirement for companies to report beneficial ownership information to the Treasury Department Financial Crimes Enforcement Network, which was enacted to combat money laundering and terrorism financing.

Last updated: 1/5/2026

Official Summary

Congressional Research Service summary

Repealing Big Brother Overreach ActThis 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.

Key Points

Main provisions of the bill

Repeals the Corporate Transparency Act
Eliminates beneficial ownership reporting requirements
Removes Treasury oversight of company ownership
Originally aimed at combating money laundering
Reduces regulatory burden on businesses

How This Impacts Americans

Potential effects on citizens and communities

Businesses would no longer need to report ownership information to FinCEN. Small business owners would face reduced compliance burden. Could make it harder to track illicit money flows through shell companies. Law enforcement would lose a tool against financial crimes.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

100, 119th Congress (2025). "Repealing Big Brother Overreach Act". Source: Voter's Right Platform. https://votersright.org/bills/118-s-100