House panel backs repeal of BOI reporting by domestic companies
April 30, 2026
The House Financial Services Committee voted to remove domestic-owned companies from the beneficial ownership information reporting requirements of the Corporate Transparency Act.
In a 26–25 vote last week, the House Financial Services Committee approved H.R. 425, the Repealing Big Brother Overreach Act, which Rep. Warren Davidson, R-Ohio, introduced and has 193 co-sponsors.
The bill would codify Treasury’s removal last year of the CTA’s regulatory requirements for U.S. companies and persons. It also directs Treasury’s Financial Crimes Enforcement Network to delete all information collected under the CTA with respect to domestic owners and entities.
To become law, the bill would need to pass the full House of Representatives and the Senate with 60 votes before being sent to President Donald Trump for his signature. Learn more.
