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119th CONGRESS
1st Session |
To repeal the Corporate Transparency Act.
Mr. Tuberville (for himself, Mr. Cruz, Mr. Ricketts, Mr. Moreno, Ms. Lummis, Mrs. Blackburn, Mr. Boozman, Mr. Scott of Florida, Mr. Sullivan, Mrs. Fischer, Mr. Sheehy, Mr. Tillis, Mr. Budd, Mr. Paul, Mr. Hagerty, Mr. Cramer, Mrs. Hyde-Smith, Mr. Lankford, Mr. Marshall, Mr. Schmitt, Mr. Barrasso, Mr. Daines, Mr. Risch, Mr. Young, and Mr. Lee) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
To repeal the Corporate Transparency Act.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
This Act may be cited as the “Repealing Big Brother Overreach Act”.
(a) In general.—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Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604)) and the amendments made by that Act are repealed.
(b) Technical and conforming amendments.—
(1) Title 31, United States Code, is amended—
(i) in paragraph (1), by striking “sections 5314, 5315, and 5336” each place the term appears and inserting “sections 5314 and 5315”; and
(ii) in paragraph (6), by striking “(except section 5336)” each place the term appears; and
(B) in section 5322, by striking “section 5315, 5324, or 5336” each place the term appears and inserting “section 5315 or 5324”.
(2) Title LXV of the Anti-Money Laundering Act of 2020 (division F of the of the William M. (Mac) Thornberry National Defense Authorization Act for Fiscal Year 2021 (Public Law 116–283; 134 Stat. 4604)) is amended—
(A) by repealing section 6502 (134 Stat. 4626); and
(B) in section 6509 (134 Stat. 4633)—
(i) by striking “(a) In general.—Subsection (l)” and inserting “Subsection (l)”; and
(ii) by striking subsection (b).