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HR 425 Advanced toward a vote

Limits company beneficial ownership reporting to foreign owners and requires the Financial Crimes Enforcement Network to delete previously collected data on U.S. owners and on entities that are not reporting companies.

Official title: Repealing Big Brother Overreach Act

Next stop House floor: awaiting a vote
Timeline each lane is a chamber; dates pull from congress.gov actions
House
Introduced 15-JAN-2025
Referred 15-JAN-2025
Approved by committee 21-APR-2026
Reported 18-JUN-2026
On the calendar 18-JUN-2026
Key points
  • Restricts beneficial ownership reporting under 31 U.S.C. 5336 to individuals who are foreign persons.
  • Changes the definition of reporting company so that it covers any entity that is formed, dropping the separate state, tribal, and foreign formation categories.
  • Requires the Financial Crimes Enforcement Network to delete, within 90 days after enactment, beneficial ownership information on individuals who are not foreign beneficial owners and on entities that are not reporting companies.
  • Makes conforming changes to the title and table of contents for chapter 53 of title 31, United States Code, and cites the Repealing Big Brother Overreach Act as the short title.
AI-generated from the Reported in House text of 18-JUN-2026 · verify · report an error
Official CRS summary

Covers an older version. The newest CRS summary describes the bill as of "Introduced in House" (15-JAN-2025); the text has changed since (Reported in House, 18-JUN-2026).

CRS is the Library of Congress's nonpartisan research office. Read it on congress.gov
Committee referrals (1) Policy area

Finance and Financial Sector

Sponsor Warren Davidson (R-OH) Cosponsors · 193
■ 193 R
193 Republicans
Show all 193 Republicans
congress.gov page Reported in House (18-JUN-2026) Introduced in House (15-JAN-2025)