Sponsors (194)
The bill reduces reporting burdens and preserves privacy for some businesses and financial firms, but at the cost of weakening anti-money‑laundering and fraud detection, increasing risks of tax evasion and illicit finance, and creating transitional legal and administrative costs.
Financial institutions (banks, credit unions, other reporting entities) face lower reporting burdens and reduced compliance costs because beneficial-ownership reporting requirements are eliminated.
Small-business owners and private company owners avoid disclosure of ownership, preserving privacy and reducing paperwork and administrative burden.
Law enforcement, regulators, and the public lose a centralized beneficial-ownership database, weakening anti-money-laundering and fraud investigations and making money laundering, sanctions evasion, and related crimes harder to detect and prosecute.
Tax authorities and regulators will have reduced ability to detect tax evasion and other illicit finance activity, which could increase tax losses, enforcement costs, and compliance gaps for taxpayers and state governments.
Repealing and relabeling AML statutory provisions could create transitional costs, legal uncertainty, and administrative burdens for Treasury, federal employees, and private compliance departments.
Based on analysis of 2 sections of legislative text.
Repeals the Corporate Transparency Act and related amendments, eliminating the federal beneficial ownership reporting regime and making technical AML statutory fixes.
Repeals the Corporate Transparency Act and removes the federal beneficial ownership information (BOI) reporting requirements it created. It also makes a handful of conforming and technical changes to the Anti‑Money Laundering Act and related provisions in Title 31 of the U.S. Code to reflect that repeal.
Introduced January 15, 2025 by Warren Davidson · Last progress January 15, 2025