Bill would limit business ownership reporting to foreign firms only
Placed on the calendarH.R. 425Latest action
Sponsor: Warren Davidson · Representative · OH
AIDecoded by AI · checked against the recordRead the official text
Official title: Repealing Big Brother Overreach Act
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
The plain-language version comes first. 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
What does this do?
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.
Who does it affect?
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.
Why does it matter?
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. Check it against the official text before you act on it.
Read the official bill on Congress.govMake the call
Where does it stand?
- IntroducedJan 15, 2025
- House committee
- House voteYou are here · Jun 18, 2026
- Senate
- The president's desk
Right now: it was placed on the , 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.