Repealing Big Brother Overreach Act
2/13/2025, 9:06 AMSummary of Bill HR 425
Bill 119 HR 425, also known as the Corporate Transparency Act, is a piece of legislation that aims to repeal the existing law that requires corporations to disclose information about their beneficial owners to the Financial Crimes Enforcement Network (FinCEN). The bill was introduced in response to concerns about the potential negative impact of the Corporate Transparency Act on small businesses and the privacy of individuals.The Corporate Transparency Act, which was passed in 2020, requires corporations to report information about their beneficial owners, including their names, addresses, and identification numbers, to FinCEN. This information is intended to help law enforcement agencies and financial institutions identify and prevent money laundering, terrorist financing, and other illicit activities.
Proponents of Bill 119 HR 425 argue that the Corporate Transparency Act imposes unnecessary burdens on small businesses and violates the privacy rights of individuals. They believe that the reporting requirements are overly burdensome and could deter entrepreneurs from starting new businesses. Opponents of the bill, however, argue that repealing the Corporate Transparency Act would make it easier for criminals and terrorists to hide their illicit activities behind anonymous shell companies. They believe that the reporting requirements are necessary to ensure transparency and accountability in the corporate sector. Overall, the debate surrounding Bill 119 HR 425 is complex and multifaceted, with valid arguments on both sides. It remains to be seen how Congress will ultimately decide on the fate of the Corporate Transparency Act and whether it will be repealed or remain in place.
Congressional Summary of HR 425
Repealing Big Brother Overreach Act
This 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.
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Current Status of Bill HR 425
Bill HR 425 is currently in the status of Bill Introduced since January 15, 2025. Bill HR 425 was introduced during Congress 119 and was introduced to the House on January 15, 2025. Bill HR 425's most recent activity was Referred to the House Committee on Financial Services. as of January 15, 2025Bipartisan Support of Bill HR 425
Total Number of Sponsors
15Democrat Sponsors
0Republican Sponsors
15Unaffiliated Sponsors
0Total Number of Cosponsors
898Democrat Cosponsors
0Republican Cosponsors
898Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 425
Primary Policy Focus
Alternate Title(s) of Bill HR 425
To repeal the Corporate Transparency Act.To repeal the Corporate Transparency Act.Comments
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Sponsors and Cosponsors of HR 425
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