Sponsors (35)
The bill reduces reporting burdens and increases privacy for businesses and individuals but removes beneficial-ownership transparency that law enforcement and regulators rely on, raising risks to national security and potentially increasing long-term costs for taxpayers.
Small businesses and financial institutions will face fewer reporting obligations because the national beneficial ownership reporting requirement under the Corporate Transparency Act would be repealed.
Individuals and small-business owners gain greater privacy because the national beneficial ownership database and related disclosure mandates would be eliminated.
State governments will have reduced administrative burden from no longer implementing or responding to federal beneficial ownership information collection.
Law enforcement, regulators, and financial institutions will have reduced ability to trace illicit finance, shell companies, and enforce sanctions/export controls if beneficial ownership reporting is eliminated, increasing risks of money laundering, fraud, and weakened sanctions enforcement.
Taxpayers could face higher long-term enforcement and compliance costs if reduced reporting leads to increased illicit financial activity, offsetting short-term savings for small businesses.
Banks and other firms may face regulatory uncertainty and transition costs as statutory cross-references and anti-money-laundering provisions are changed or removed.
Based on analysis of 2 sections of legislative text.
Repeals the Corporate Transparency Act and related statutory provisions, removing the federal beneficial ownership reporting requirement and making conforming edits to federal law.
Repeals the federal Corporate Transparency Act and its amendments, removing the federal beneficial ownership information reporting requirements that implementing agencies had created. It also makes technical and conforming changes to Title 31 of the U.S. Code and to provisions of the Anti-Money Laundering Act of 2020 to align statutes with that repeal. The measure is brief and focused: it eliminates the statutory basis for the beneficial ownership information (BOI) reporting regime and adjusts cross-references and related statutory language. It does not appropriate funds, add new programs, or set implementation deadlines in the text provided.
Introduced January 15, 2025 by Thomas Hawley Tuberville · Last progress January 15, 2025