AI-assisted analysis based on the official CRS summary. Source version: Mar 18, 2025. Analysis updated: Sep 20, 2026.
01 — The Text
What.
- This bill would repeal the Corporate Transparency Act.
- The Corporate Transparency Act currently requires existing and newly created companies to report beneficial ownership information.
- Beneficial ownership reports are submitted to the Financial Crimes Enforcement Network (FinCEN), a component of the Treasury Department.
- The stated purpose of the Corporate Transparency Act is addressing terrorist financing and money laundering.
02 — The Stakes
So what?
- If enacted, this bill would eliminate the beneficial ownership reporting requirement for companies.
- The official summary does not document specific effects or consequences of repealing the requirement.
- The summary does not establish who would be affected, what compliance burdens would be removed, or what law enforcement impacts would result.
03 — The Path
Now what?
- The bill was introduced in the House on January 15, 2025, and referred to the Committee on Financial Services.
- The Committee on Financial Services marked up and ordered the bill to be reported on April 21, 2026, by a vote of 26–25.
- The Committee reported an amended version on June 18, 2026, and the bill was placed on the Union Calendar as Calendar No. 609.
Legislative History
Actions.
- Jun 18, 2026 — Placed on the Union Calendar, Calendar No. 609.
- Jun 18, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- Jun 18, 2026 — Reported (Amended) by the Committee on Financial Services. H. Rept. 119-701.
- Apr 21, 2026 — Ordered to be Reported by the Yeas and Nays: 26 - 25.
- Apr 21, 2026 — Committee Consideration and Mark-up Session Held
- Jan 15, 2025 — Referred to the House Committee on Financial Services.
- Jan 15, 2025 — Introduced in House
- Jan 15, 2025 — Introduced in House