Loading…
H.R. 425119th CongressPlaced on the calendarLatest action Jun 18, 2026Decoded by AI · checked against the record
Official title: Repealing Big Brother Overreach Act
Introduced:
Read the official bill on Congress.govThe plain-language version leads. The official text is always the reference.
HR 425 would end beneficial ownership reporting for U.S. citizens and domestic companies, keeping it only for foreign owners.
40-second read · 4 questions answered below
HR 425 narrows the Corporate Transparency Act so only foreign owners and foreign-formed companies must report beneficial ownership information to the federal government. U.S. citizens and domestically formed companies would no longer have to disclose this information, and FinCEN would have to delete existing records on these domestic filers within 90 days.
Small business owners, entrepreneurs, and U.S.-formed companies would be freed from the reporting requirement. Law enforcement, financial regulators, and foreign-owned businesses or foreign individuals with U.S. interests would still be affected, the latter remaining subject to the rules.
Law enforcement and financial regulators would lose access to ownership records for domestic companies that they currently use to investigate financial crimes, money laundering, and shell company activity.
AI-drafted summary. Verify it against the official text before you act on it. Read the official bill on Congress.gov
Right now: it was placed on the House floor calendar, and the official record shows no floor action on it since. If the Senate changes it, it goes back to the House before reaching the President.
Latest action: — Placed on the Union Calendar, Calendar No. 609.