Repealing Big Brother Overreach Act
Sponsored By: Senator Tuberville, Tommy [R-AL]
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.
Show full summary
- 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
Tuberville, Tommy [R-AL]
AL • R
Cosponsors
Sen. Cruz, Ted [R-TX]
TX • R
Sponsored 1/15/2025
Sen. Ricketts, Pete [R-NE]
NE • R
Sponsored 1/15/2025
Sen. Moreno, Bernie [R-OH]
OH • R
Sponsored 1/15/2025
Sen. Lummis, Cynthia M. [R-WY]
WY • R
Sponsored 1/15/2025
Sen. Blackburn, Marsha [R-TN]
TN • R
Sponsored 1/15/2025
John Boozman
AR • R
Sponsored 1/15/2025
Sen. Scott, Rick [R-FL]
FL • R
Sponsored 1/15/2025
Dan Sullivan
AK • R
Sponsored 1/15/2025
Sen. Fischer, Deb [R-NE]
NE • R
Sponsored 1/15/2025
Sen. Sheehy, Tim [R-MT]
MT • R
Sponsored 1/15/2025
Sen. Tillis, Thomas [R-NC]
NC • R
Sponsored 1/15/2025
Sen. Budd, Ted [R-NC]
NC • R
Sponsored 1/15/2025
Sen. Paul, Rand [R-KY]
KY • R
Sponsored 1/15/2025
Bill Hagerty
TN • R
Sponsored 1/15/2025
Sen. Cramer, Kevin [R-ND]
ND • R
Sponsored 1/15/2025
Cindy Hyde-Smith
MS • R
Sponsored 1/15/2025
Sen. Lankford, James [R-OK]
OK • R
Sponsored 1/15/2025
Sen. Marshall, Roger [R-KS]
KS • R
Sponsored 1/15/2025
Sen. Schmitt, Eric [R-MO]
MO • R
Sponsored 1/15/2025
Sen. Barrasso, John [R-WY]
WY • R
Sponsored 1/15/2025
Sen. Daines, Steve [R-MT]
MT • R
Sponsored 1/15/2025
Sen. Risch, James E. [R-ID]
ID • R
Sponsored 1/15/2025
Sen. Young, Todd [R-IN]
IN • R
Sponsored 1/15/2025
Sen. Lee, Mike [R-UT]
UT • R
Sponsored 1/15/2025
Sen. McCormick, David [R-PA]
PA • R
Sponsored 1/21/2025
Shelley Capito
WV • R
Sponsored 3/4/2025
Sen. Justice, James C. [R-WV]
WV • R
Sponsored 3/27/2025
Sen. Curtis, John R. [R-UT]
UT • R
Sponsored 4/8/2025
Sen. Graham, Lindsey [R-SC]
SC • R
Sponsored 4/28/2025
Sen. Banks, Jim [R-IN]
IN • R
Sponsored 6/3/2025
John Hoeven
ND • R
Sponsored 7/8/2025
Katie Britt
AL • R
Sponsored 9/10/2025
Sen. Husted, Jon [R-OH]
OH • R
Sponsored 9/19/2025
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov