Sponsors (35)
Ask me about this bill
This is not an official government website.
Copyright © 2026 PLEJ LC. All rights reserved.
Repeals the Corporate Transparency Act (title LXIV of division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021, Public Law 116–283).
In section 5321(a): in paragraph (1), strikes each place the term appears and inserts "sections 5314 and 5315"; and in paragraph (6), strikes each place the term appears.
In section 5322, strikes each place the term appears and inserts "section 5315 or 5324".
Amends Title LXV of the Anti-Money Laundering Act of 2020: repeals section 6502 (134 Stat. 4626); and in section 6509 (134 Stat. 4633), strikes "In general" and inserts "Subsection (l)", and strikes subsection (b).
Repeals the Corporate Transparency Act and removes related changes to Title 31 of the U.S. Code and the Anti‑Money Laundering Act of 2020, undoing the federal beneficial‑ownership reporting regime established by those laws. The repeal eliminates the federal registry and the associated reporting requirements and technical/conforming amendments described in the statutes. This change reduces or removes reporting and compliance obligations for many small businesses and organizations, while also removing a centralized government tool that law enforcement and financial regulators use to trace ownership for anti‑money‑laundering and fraud investigations.
Repeals the Corporate Transparency Act (title LXIV of division F of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021) and the amendments made by that Act.
Amends Title 31, United States Code: in section 5321(a), paragraph (1), strikes each place the term appears and inserts the text "sections 5314 and 5315."
Amends Title 31, United States Code: in section 5321(a), paragraph (6), strikes each place the term appears.
Amends Title 31, United States Code: in section 5322, strikes each place the term appears and inserts the text "section 5315 or 5324."
Amends Title LXV of the Anti‑Money Laundering Act of 2020 by repealing section 6502 (134 Stat. 4626).
Who is affected and how:
Entities in the United States and private businesses: Businesses and organizations that would have been required to file beneficial‑ownership reports will no longer face that federal filing requirement. This reduces administrative burden and potential filing costs for many small businesses, shell companies, and other covered entities.
Beneficial owners (individual owners/controllers of companies): Individuals who would have needed to disclose identity information to the federal registry will no longer be required to do so, improving privacy for some owners but also reducing public/private access to ownership information.
Financial firms and compliance professionals: Banks, credit unions, broker‑dealers, and other financial institutions will lose a centralized, statutory source of ownership information relied upon for customer due diligence; they may need to rely more heavily on alternative verification methods and commercial data sources.
Federal agencies and law enforcement (including FinCEN): Agencies that implemented or used the registry and related statutory authorities will lose that legal foundation and the coordinated information source for investigations into money laundering, terrorist financing, corruption, and tax crimes, potentially complicating investigations and cross‑border information sharing.
Anti‑money‑laundering ecosystem and international partners: The repeal could affect U.S. compliance with international standards on beneficial‑ownership transparency, change how foreign partners cooperate with U.S. investigations, and shift burdens to private sector or state‑level tools.
Net effect: The repeal reduces regulatory burden and reporting costs for affected entities while removing a centralized transparency mechanism that many regulators and law enforcement agencies consider important to detect and deter illicit finance. The change creates operational and legal work for agencies and private compliance programs to adapt, and may have downstream effects on international cooperation and enforcement effectiveness.
Expand sections to see detailed analysis
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced January 15, 2025 by Thomas Hawley Tuberville · Last progress January 15, 2025
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Introduced in Senate