Repealing Big Brother Overreach Act
Sponsored By: Senator Tommy Tuberville
Introduced
Summary
Repeals the Corporate Transparency Act. This bill would remove the requirement for existing and newly created companies to report beneficial ownership information to the Department of the Treasury’s Financial Crimes Enforcement Network, a tool aimed at tracking financial crime.
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- Businesses: Companies would no longer have to file beneficial ownership reports with FinCEN, cutting that reporting requirement for both existing firms and new incorporations.
- Law enforcement and anti-money laundering efforts: The bill unwinds related parts of the Anti‑Money Laundering Act of 2020 and adjusts U.S. Code cross-references, eliminating a federal data source used to address money laundering and terrorist financing.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Repeal of small business ownership reports
If enacted, this bill would repeal the Corporate Transparency Act. Businesses that had to file beneficial ownership reports would no longer need to file them. This would cut reporting and compliance costs for many small firms. It would also remove a federal data tool used by law enforcement.
Undo certain anti-money laundering rules
If enacted, this bill would repeal a section of the Anti‑Money Laundering Act and change several AML cross-references and wording. Banks and regulated firms could face lower compliance and reduced penalty exposure. Federal regulators and law enforcement would lose or see narrower authorities and tools to detect financial wrongdoing. The changes would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Tommy Tuberville
AL • R
Cosponsors
Ted Cruz
TX • R
Sponsored 1/15/2025
Pete Ricketts
NE • R
Sponsored 1/15/2025
Bernie Moreno
OH • R
Sponsored 1/15/2025
Cynthia Lummis
WY • R
Sponsored 1/15/2025
Marsha Blackburn
TN • R
Sponsored 1/15/2025
John Boozman
AR • R
Sponsored 1/15/2025
Rick Scott
FL • R
Sponsored 1/15/2025
Dan Sullivan
AK • R
Sponsored 1/15/2025
Deb Fischer
NE • R
Sponsored 1/15/2025
Tim Sheehy
MT • R
Sponsored 1/15/2025
Thomas Tillis
NC • R
Sponsored 1/15/2025
Ted Budd
NC • R
Sponsored 1/15/2025
Rand Paul
KY • R
Sponsored 1/15/2025
Bill Hagerty
TN • R
Sponsored 1/15/2025
Kevin Cramer
ND • R
Sponsored 1/15/2025
Cindy Hyde-Smith
MS • R
Sponsored 1/15/2025
James Lankford
OK • R
Sponsored 1/15/2025
Roger Marshall
KS • R
Sponsored 1/15/2025
Eric Schmitt
MO • R
Sponsored 1/15/2025
John Barrasso
WY • R
Sponsored 1/15/2025
Steve Daines
MT • R
Sponsored 1/15/2025
James Risch
ID • R
Sponsored 1/15/2025
Todd Young
IN • R
Sponsored 1/15/2025
Mike Lee
UT • R
Sponsored 1/15/2025
David McCormick
PA • R
Sponsored 1/21/2025
Shelley Capito
WV • R
Sponsored 3/4/2025
James Justice
WV • R
Sponsored 3/27/2025
John Curtis
UT • R
Sponsored 4/8/2025
Lindsey Graham
SC • R
Sponsored 4/28/2025
Jim Banks
IN • R
Sponsored 6/3/2025
John Hoeven
ND • R
Sponsored 7/8/2025
Katie Britt
AL • R
Sponsored 9/10/2025
Jon Husted
OH • R
Sponsored 9/19/2025
Roll Call Votes
No roll call votes available for this bill.
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