Repealing Big Brother Overreach Act

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Bill ID: 119/hr/425
Last Updated: August 19, 2026

Sponsored by

Rep. Davidson, Warren [R-OH-8]

ID: D000626

Follow the money

The bill

Repealing Big Brother Overreach Act

HR. 425, 119th Congress — read as touching Private Equity & Hedge Funds.

The sponsor

Rep. Davidson, Warren [R-OH-8]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$105,400 raised

20 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

95% match to Project 2025

This bill's text tracks the "Department of the Treasury" section, p. 748-751 of the Mandate for Leadership.

Bill's Journey to Becoming a Law

Track this bill's progress through the legislative process

Latest Action

Placed on the Union Calendar, Calendar No. 609.

June 17, 2026

Introduced

📍 Current Status

Next: The bill will be reviewed by relevant committees who will debate, amend, and vote on it.

🏛️

Committee Review

🗳️

Floor Action

✅

Passed House

🏛️

Senate Review

🎉

Passed Congress

🖊️

Presidential Action

⚖️

Became Law

📚 How does a bill become a law?

1. Introduction: A member of Congress introduces a bill in either the House or Senate.

2. Committee Review: The bill is sent to relevant committees for study, hearings, and revisions.

3. Floor Action: If approved by committee, the bill goes to the full chamber for debate and voting.

4. Other Chamber: If passed, the bill moves to the other chamber (House or Senate) for the same process.

5. Conference: If both chambers pass different versions, a conference committee reconciles the differences.

6. Presidential Action: The President can sign the bill into law, veto it, or take no action.

7. Became Law: If signed (or if Congress overrides a veto), the bill becomes law!

Bill Summary

Another masterpiece of legislative theater, courtesy of the geniuses in Congress. Let's dissect this farce, shall we?

**Main Purpose & Objectives:** The "Repealing Big Brother Overreach Act" (HR 425) claims to repeal the Corporate Transparency Act, allegedly to protect American businesses from overreaching government surveillance. How quaint. In reality, this bill is a thinly veiled attempt to gut anti-money laundering regulations and allow corporations to operate with even greater secrecy.

**Key Provisions & Changes to Existing Law:** The bill amends Section 5336 of title 31, United States Code, by inserting "foreign" into various sections, effectively narrowing the scope of beneficial ownership reporting requirements. It also mandates the deletion of existing data on non-reporting companies and individuals who are not foreign beneficial owners. This is a cleverly crafted loophole to exempt domestic corporations from transparency requirements.

**Affected Parties & Stakeholders:** The real beneficiaries of this bill are corporate interests, particularly those with something to hide. By repealing the Corporate Transparency Act, Congress is essentially giving a free pass to companies that want to launder money, evade taxes, or engage in other illicit activities without fear of detection. The losers, as always, are the American people, who will be left with even less transparency and accountability from the corporations that supposedly serve their interests.

**Potential Impact & Implications:** This bill is a recipe for disaster. By weakening anti-money laundering regulations, Congress is inviting corruption, tax evasion, and other financial crimes to flourish. The potential impact on the economy, national security, and law enforcement will be severe. It's akin to removing the brakes from a speeding car and expecting it to somehow magically avoid crashing.

In conclusion, HR 425 is a brazen attempt to undermine transparency and accountability in corporate America. The sponsors of this bill should be ashamed of themselves for peddling such blatant nonsense. But hey, who needs integrity when you have campaign contributions and lobbying dollars to grease the wheels of corruption? It's just another day in the swamp that is Washington D.C.

Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Rep. Davidson, Warren [R-OH-8]

Congress 119 • 2024 Election Cycle

Total Contributions
$105,400
19 donors
PACs
$0
Organizations
$0
Committees
$0
Individuals
$105,400

No PAC contributions found

No organization contributions found

No committee contributions found

1
PHELAN, BRENT J
2 transactions
$11,600
2
CASCARILLA, CHARLES
1 transaction
$6,600
3
CASCARILLA, MARISSA
1 transaction
$6,600
4
FISHER, KENNETH
1 transaction
$6,600
5
FISHER, SHERRILYN
1 transaction
$6,600
6
GROW, RICHARD
1 transaction
$6,600
7
ROBINSON, ROBERT S
1 transaction
$6,600
8
BEAMAN, LEE
1 transaction
$6,600
9
RICKETTS, J. PETER
1 transaction
$6,600
10
UIHLEIN, RICHARD
1 transaction
$5,800
11
BECKETT, JOHN
1 transaction
$5,000
12
BECKHAM, JEFFREY
1 transaction
$5,000
13
WEAVER, TIMOTHY J
1 transaction
$5,000
14
BROPHY, DAN
1 transaction
$3,500
15
BROPHY, CARLEEN
1 transaction
$3,500
16
PETRELLI, JOSEPH L.
1 transaction
$3,300
17
GREWAL, PAUL
1 transaction
$3,300
18
JOHN, POWELL
1 transaction
$3,300
19
SMITH, KRISTIN
1 transaction
$3,300

Cosponsors & Their Campaign Finance

This bill has 10 cosponsors. Below are their top campaign contributors.

Rep. Balderson, Troy [R-OH-12]

ID: B001306

Top Contributors

23

1
THORP FOR SHERIFF
OrganizationNEWARK, OH
$500
Oct 7, 2024
2
FRIENDS OF MARK FRAIZER
OrganizationCOLUMBUS, OH
$250
Jun 15, 2023
3
FRIENDS OF MARK FRAIZER
OrganizationCOLUMBUS, OH
$200
Sep 3, 2024
4
STEMMER, THOMAS A
RETIRED • RETIRED
IndividualBYESVILLE, OH
$5,800
Feb 28, 2024
5
STEMMER, THOMAS A
IndividualBYESVILLE, OH
$5,800
Feb 28, 2024
6
BORKOWSKI, BRIAN
LACO HOLDINGS • CEO
IndividualBELLEAIR BEACH, FL
$3,300
Oct 22, 2024
7
MACKINNON, JEFFREY
FARRAGUT PARTNERS • LOBBYIST
IndividualWASHINGTON, DC
$3,300
Nov 5, 2024
8
DICKERSON, RICHARD D
UTILITY TECHNOLOGY INT'L CORP • CHIEF EXECUTIVE OFFICER
IndividualWEST JEFFERSON, OH
$3,300
Oct 26, 2023
9
LEMMON, THEODORE
SHELLY COMPANY • SENIOR VICE PRESIDENT
IndividualNEW PLYMOUTH, OH
$3,300
Dec 15, 2023
10
DICKERSON, JOAN
HOMEMAKER • HOMEMAKER
IndividualWEST JEFFERSON, OH
$3,300
Oct 26, 2023

Rep. Bergman, Jack [R-MI-1]

ID: B001301

Top Contributors

26

1
MATCH-E-BE-NASH-SHE-WISH BAND OF POTTAWATOMI INDIANS
OrganizationSHELBYVILLE, MI
$3,300
Dec 8, 2023
2
SAGINAW CHIPPEWA INDIAN TRIBE
OrganizationMT. PLEASANT, MI
$3,300
Dec 8, 2023
3
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 17, 2024
4
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 30, 2023
5
PECHANGA BAND OF LUISENO INDIANS
OrganizationTEMECULA, CA
$3,000
Dec 31, 2023
6
SAULT STE MARIE TRIBE OF CHIPPEWA INDIANS
OrganizationSAULT SAINTE MARIE, MI
$2,900
Dec 7, 2023
7
DRESNER, LINDA
DRESNER DESIGNS • CEO
IndividualBIRMINGHAM, MI
$6,600
Dec 6, 2023
8
LEVY, EDWARD
WEST BAY BEACH RESORT • PRESIDENT
IndividualBIRMINGHAM, MI
$6,600
Dec 6, 2023
9
TAYLOR, MARGARETTA J. MS
NONE • RETIRED
IndividualNEW YORK, NY
$6,600
Mar 5, 2024
10
GREENBLATT, SCOTT
VETERANS GUARDIAN VA CLAIM CONSULTING • CEO
IndividualPINEHURST, NC
$6,600
Jun 29, 2023

Rep. Biggs, Andy [R-AZ-5]

ID: B001302

Top Contributors

20

1
TAYLOR, MARGARETTA J
RETIRED • RETIRED
IndividualNEW YORK, NY
$3,300
Dec 15, 2023
2
TAYLOR, MARGARETTA J
RETIRED • RETIRED
IndividualNEW YORK, NY
$3,300
Dec 15, 2023
3
MCCLEVE, LONNIE
SELF EMPLOYED • DEVELOPER
IndividualQUEEN CREEK, AZ
$3,300
Oct 16, 2023
4
BENSON, LEE
LEE BENSON • CEO
IndividualMESA, AZ
$3,300
Oct 18, 2023
5
FAUST, ANNE R
RETIRED • RETIRED
IndividualNEWTOWN SQUARE, PA
$3,300
Oct 6, 2023
6
BENSON, LEE
LEE BENSON • CEO
IndividualMESA, AZ
$3,300
Oct 18, 2023
7
BROPHY, DANIEL
RETIRED • RETIRED
IndividualJACKSON, WY
$3,300
Dec 21, 2023
8
LONDEN, PRISCILLA
LONDEN INSURANCE GROUP • EXECUTIVE
IndividualPHOENIX, AZ
$3,300
Mar 7, 2023
9
ALLEN, GWYNDA S
RETIRED • RETIRED
IndividualSUN LAKES, AZ
$3,300
Mar 22, 2023
10
COOLEY, WILLIAM
RETIRED • RETIRED
IndividualWEST PALM BEACH, FL
$3,300
Mar 7, 2023

Rep. Buchanan, Vern [R-FL-16]

ID: B001260

Top Contributors

20

1
RICHARDS, CHRISTINE
CVP • CUST/BUS TRANS
IndividualBARTLETT, TN
$3,300
Oct 28, 2024
2
RICHARDS, DANIEL
DR. CONSULTING • CPA
IndividualBARTLETT, TN
$3,300
Oct 28, 2024
3
GARCIA, MARIO
EMSI - TAMPA • PRESIDENT/CEO
IndividualTAMPA, FL
$3,300
Nov 28, 2023
4
BENJAMIN, STEPHEN
VALIDUS SENIOR LIVING • CEO
IndividualODESSA, FL
$3,300
Nov 10, 2023
5
GARCIA, IVIS
HOMEMAKER • HOMEMAKER
IndividualTAMPA, FL
$3,300
Nov 28, 2023
6
GARCIA, MARIO
EMSI - TAMPA • PRESIDENT/CEO
IndividualTAMPA, FL
$3,300
Nov 28, 2023
7
GARCIA, IVIS
HOMEMAKER • HOMEMAKER
IndividualTAMPA, FL
$3,300
Nov 28, 2023
8
JOHNSON, TRAVIS
1607 STRATEGIES • FOUNDER
IndividualARLINGTON, VA
$3,300
Dec 6, 2023
9
COPELAND, GERRET
TERREG MANAGEMENT LLC • CEO
IndividualSARASOTA, FL
$3,300
Feb 7, 2023
10
COPELAND, KYM
HOMEMAKER • HOMEMAKER
IndividualSARASOTA, FL
$3,300
Feb 7, 2023

Rep. Burlison, Eric [R-MO-7]

ID: B001316

Top Contributors

21

1
OZARK SHOOT-DON'T SHOOT SOLUTIONS LLC
OrganizationHIGHLANDVILLE, MO
$250
Oct 11, 2024
2
CARNES, CAROL
SELF EMPLOYED • REAL ESTATE AGENT
IndividualSPRINGFIELD, MO
$3,300
Oct 28, 2024
3
WATTS, BARRY
SAVINGYOUTAXES.COM • FINANCIAL ADVISOR
IndividualROGERSVILLE, MO
$3,300
Nov 4, 2024
4
JOHN, STACK
ISAGENIX • INDEPENDENT BUSINESS OWNER
IndividualSPRINGFIELD, MO
$3,300
Nov 20, 2023
5
BRAUER, BEAU
HUNTER ENGINEERING • PRESIDENT
IndividualSAINT LOUIS, MO
$3,300
Jan 4, 2024
6
BRAUER, BEAU
HUNTER ENGINEERING • PRESIDENT
IndividualSAINT LOUIS, MO
$3,300
Jan 4, 2024
7
BRAUER, SUZY
IndividualBRIDGETON, MO
$3,300
Jan 4, 2024
8
BRAUER, SUZY
IndividualBRIDGETON, MO
$3,300
Jan 4, 2024
9
KAMAT, SONA
WEST COUNTY RHEUMATOLOGY • RHEUMATOLOGIST
IndividualSAINT LOUIS, MO
$3,300
Jan 12, 2024
10
WHIRE, DEBBIEJO
KANAKUK • CAMPING
IndividualBRANSON, MO
$3,300
Feb 15, 2024

Rep. Cammack, Kat [R-FL-3]

ID: C001039

Top Contributors

25

1
PASS THE HAT
OrganizationATHENS, GA
$3,610
Jul 15, 2024
2
SEMINOLE TRIBE OF FLORIDA
OrganizationHOLLYWOOD, FL
$3,300
Aug 14, 2024
3
S & K BARRINGTON FARMS
OrganizationMAYO, FL
$600
Mar 31, 2024
4
83 FARMS, LLC
OrganizationBELL, FL
$283
Mar 31, 2023
5
RADIANT CREDIT UNION
OrganizationGAINESVILLE, FL
$250
Jun 30, 2023
6
ADOLFSSON, MARCUS
RETIRED
IndividualGULFPORT, FL
$6,600
Jun 30, 2023
7
KEMMERER, JOHN
KEMMERER MANAGEMENT CORP • EXECUTIVE
IndividualJACKSON, WY
$6,600
Apr 18, 2023
8
KEMMERER, KAREN
NONE • RETIRED
IndividualJACKSON, WY
$6,600
May 11, 2023
9
HOROWITZ, BEN
ANDREESSEN HOROWITZ • ANDREESSEN HOROWITZ
IndividualLAS VEGAS, NV
$6,600
Apr 11, 2024
10
GASTON, BILL FAYE
BUSINESS OWNER
IndividualGAINESVILLE, FL
$5,205
Feb 29, 2024

Rep. Ciscomani, Juan [R-AZ-6]

ID: C001133

Top Contributors

30

1
SALT RIVER PIMA MARICOPA INDIAN COMMUNITY
PACSCOTTSDALE, AZ
$1,000
Jun 14, 2024
2
CHEROKEE NATION
OrganizationTAHLEQUAH, OK
$3,300
Oct 31, 2024
3
EASTERN BAND OF CHEROKEE INDIANS
OrganizationCHEROKEE, NC
$3,300
Nov 5, 2024
4
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$3,300
Jun 30, 2024
5
DELTA AIRLINES
OrganizationATLANTA, GA
$2,500
Jul 30, 2024
6
THE CHICKASAW NATION
OrganizationADA, OK
$2,000
Oct 8, 2024
7
POARCH BAND OF CREEK INDIANS
OrganizationATMORE, AL
$1,834
Jun 30, 2024
8
MS BAND OF CHOCTAW INDIANS
OrganizationCHOCTAW, MS
$1,000
Nov 5, 2024
9
COLORADO RIVER INDIAN TRIBES
OrganizationPARKER, AZ
$1,000
Jun 30, 2023
10
THE CHICKASAW NATION
OrganizationADA, OK
$1,000
Jun 30, 2023

Rep. Cloud, Michael [R-TX-27]

ID: C001115

Top Contributors

21

1
BUTLER CONSULTING
OrganizationPORT LAVACA, TX
$250
Oct 25, 2024
2
BURDGE, THOMAS R
VP OF ACCOUNTING
IndividualVICTORIA, TX
$6,600
Oct 3, 2024
3
BORCHERS, CHARLA
RANCHING • INVESTMENTS
IndividualVICTORIA, TX
$6,600
Oct 2, 2024
4
BURDGE, THOMAS R
VP OF ACCOUNTING
IndividualVICTORIA, TX
$6,600
Oct 3, 2024
5
ATNIP, CHAR
IndividualCORPUS CHRISTI, TX
$3,300
Sep 30, 2024
6
ATNIP, CLIF
IndividualCORPUS CHRISTI, TX
$3,300
Oct 28, 2024
7
BURDGE, TAMI
IndividualVICTORIA, TX
$3,300
Oct 28, 2024
8
RAMIREZ, PHILIP
TURNER, RAMIREZ & ASSOCIATES, INC. • ARCHITECT
IndividualCORPUS CHRISTI, TX
$3,300
Jan 4, 2024
9
PARKER, ROBERT E.
REPCON INC. • PRESIDENT
IndividualCORPUS CHRISTI, TX
$3,300
Jan 12, 2024
10
TROXLER, JOSEPH G.
RETIRED • RETIRED
IndividualCORDOVA, TN
$3,300
Jan 16, 2024

Rep. Clyde, Andrew S. [R-GA-9]

ID: C001116

Top Contributors

20

1
SYFAN, STEPHEN
SYFAN LOGISTICS • EXEC VP
IndividualGAINESVILLE, GA
$6,600
May 31, 2024
2
SCOTT, ROBERT S.
RAC PROPERTIES • REAL ESTATE
IndividualBOGART, GA
$6,600
Oct 11, 2024
3
FOWLER, CHARLES W. JR.
GLOBAL DEFENSE MGMT • PRESIDENT
IndividualLONGWOOD, FL
$3,500
Oct 29, 2024
4
BECK, SAMUEL
BECK FUNERAL HOME • FUNERAL DIRECTOR
IndividualCLAYTON, GA
$3,300
Oct 24, 2024
5
HINMAN, ROY H
SELF EMPLOYED • PHYSICIAN
IndividualSAINT AUGUSTINE, FL
$3,300
Nov 5, 2024
6
FROST IV, EDWIN BRANT
SELF EMPLOYED • FINANCIAL SERVICES
IndividualNEWNAN, GA
$3,300
Dec 24, 2024
7
FROST, KRISTA
NONE • HOMEMAKER
IndividualNEWNAN, GA
$3,300
Dec 24, 2024
8
ACTON, MICHAEL
SELF EMPLOYED • DEVELOPER
IndividualHOMER, GA
$3,300
Nov 7, 2023
9
JEPSON, JEFFREY
EVANS GENERAL CONTRACTORS • CONSTRUCTION
IndividualPOOLER, GA
$3,300
Nov 19, 2023
10
MATHENY, DAVID
SILENCER SHOP • OWNER
IndividualLEANDER, TX
$3,300
Nov 16, 2023

Rep. Crane, Elijah [R-AZ-2]

ID: C001132

Top Contributors

22

1
AK-CHIN INDIAN COMMUNITY
OrganizationMARICOPA, AZ
$3,300
Mar 31, 2024
2
AK-CHIN INDIAN COMMUNITY
OrganizationMARICOPA, AZ
$3,300
Sep 16, 2024
3
STALLINGS, KYLE MR.
IndividualMIDLAND, TX
$10,000
Oct 14, 2024
4
HILL, VERNON
IndividualMOORESTOWN, NJ
$7,318
Jul 11, 2024
5
STALLINGS, KYLE MR.
IndividualMIDLAND, TX
$6,600
Mar 1, 2023
6
MIRELES, OMAR
HSL PROPERTIES • REAL ESTATE DEVELOPER
IndividualTUCSON, AZ
$6,600
Mar 29, 2023
7
ADAMS, MICHAEL A.
RETIRED • RETIRED
IndividualMCLEAN, VA
$6,600
Jun 30, 2024
8
ADAMS, MICHAEL A.
RETIRED • RETIRED
IndividualMCLEAN, VA
$6,600
Jun 30, 2024
9
HINMAN, ROY H. MR. II
ISLAND DOCTORS • FOUNDER/CEO
IndividualST. AUGUSTINE, FL
$6,600
Apr 4, 2023
10
KEMMERER, KAREN
RETIRED • RETIRED
IndividualJACKSON, WY
$6,600
Apr 6, 2023

Donor Network - Rep. Davidson, Warren [R-OH-8]

PACs
Organizations
Individuals
Politicians

Hub layout: Politicians in center, donors arranged by type in rings around them.

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Showing 46 nodes and 44 connections

Total contributions: $44

Top Donors - Rep. Davidson, Warren [R-OH-8]

Showing top 19 donors by contribution amount

19 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 4 helped.

  • Repealing the Corporate Transparency Act removes beneficial ownership reporting requirements, reducing compliance burdens for private equity and hedge fund entities that often use complex ownership structures.

  • +Big Tech Platformsconfidence 0.85

    Repeal reduces regulatory scrutiny and reporting obligations for large tech companies with intricate subsidiary structures, easing compliance costs.

  • +Real Estateconfidence 0.80

    Real estate developers and REITs frequently use LLCs for property holdings; repeal lessens disclosure requirements, benefiting privacy and reducing administrative load.

  • +Crypto & Fintechconfidence 0.75

    Crypto and fintech firms often utilize layered corporate structures; repeal of CTA reduces beneficial ownership reporting, aiding operational flexibility.

Who funds the sponsor on these industries

For each industry this bill affects, here's what the sponsor (Rep. Davidson, Warren [R-OH-8])received from donors associated with that industry during the 2022–present cycles. Donations are not proof of intent — they are a record of who funds the people writing the law.

Industries this bill HELPS

  • from 4 contributions
    • ARMSTRONG, BRIAN$6,600
    • GREWAL, PAUL$3,300
    • SMITH, KRISTIN$3,300

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Department of the Treasury

Very Strong
Vector: 62%
Pages: 748-751AI Enhanced

AI Analysis:

"HR 425 directly repeals the Corporate Transparency Act, which aligns with Project 2025's Treasury Department objective to reduce regulatory burdens on businesses and limit beneficial ownership reporting requirements."

Key themes:Corporate Transparency Actbeneficial ownership reportingregulatory burden reductionDepartment of TreasuryFinCEN

— 715 — Department of the Treasury 67. On banks, credit unions, broker-dealers, and other financial institutions as normally understood, but note that 31 U.S. Code §5312(a)(2) also defines “financial institutions” to include money service businesses; insurance companies; jewelers; pawnbrokers; travel agencies; dealers in automobiles, airplanes, and boats; persons involved in real estate closings and settlements; casinos; and telegraph companies. 68. David R. Burton, “The Corporate Transparency Act and the ILLICIT CASH Act,” Heritage Foundation Backgrounder No. 3449, November 7, 2019, https://www.heritage.org/sites/default/files/2019-11/BG3449_0. pdf, and David R. Burton to AnnaLou Tirol, Financial Crimes Enforcement Network, “Re: Beneficial Ownership Information Reporting Requirements,” Comment, May 5, 2021 http://thf_media.s3.amazonaws.com/2022/ Regulatory_Comments/FINCEN-2021-0005-0132_attachment_1.pdf (accessed March 19, 2023). 69. Burton comment, ibid. 70. Federal Register, Vol. 87, No. 189, September 30, 2022, pp. 59498–59596. 71. U.S. Department of the Treasury, Fiscal Year 2022–2026 Strategic Plan. 72. Ibid. 73. United Nations, “Paris Agreement,” 2015, https://unfccc.int/files/essential_background/convention/ application/pdf/english_paris_agreement.pdf (accessed March 20, 2023). 74. United Nations, “United Nations Framework Convention on Climate Change,” GE.5–62220, 1992, https://unfccc. int/resource/docs/convkp/conveng.pdf (accessed March 20, 2023). 75. “What Is ESG?” ESG Hurts, https://esghurts.com/ (accessed March 22, 2023), and Samuel Gregg, “Why Business Should Dispense with ESG,” American Institute for Economic Research, December 4, 2022, https:// www.aier.org/article/why-business-should-dispense-with-esg/ (accessed March 22, 2023). 76. PRI Association, “What are the Principles for Responsible Investment?” https://www.unpri.org/about-us/ what-are-the-principles-for-responsible-investment (accessed March 22, 2023). The PRI Association is a U.N.- affiliated non-governmental organization. See also PRI Association, “Articles of Association of PRI Association,” Art. 9, November 14, 2016, https://d8g8t13e9vf2o.cloudfront.net/Uploads/g/e/r/2016-11-14-Articles-of- Association-of-PRI-Association-.pdf (accessed March 22, 2023).

Financial Regulatory Agencies

Strong
Vector: 61%
Pages: 872-874AI Enhanced

AI Analysis:

"HR 425 aligns with Project 2025's goal of reducing regulatory burdens on businesses by repealing the Corporate Transparency Act's beneficial ownership reporting requirements, which Project 2025 critiques as overreach by financial regulators. The bill reflects a shared objective of limiting federal data collection and easing compliance for small businesses."

Key themes:regulatory burden reductionfinancial regulatory reformbeneficial ownership reportingsmall business reliefFinCEN oversight

— 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office — 841 — Financial Regulatory Agencies of Management and Budget, Office of Information and Regulatory Affairs, “Fall 2022 Unified Agenda of Regulatory and Deregulatory Actions: Active Regulatory Actions Listed by Agency,” https://www.reginfo.gov/ public/do/eAgendaMain (accessed February 20, 2023); “Human Capital Management Disclosure,” RIN: 3235- AM88, https://www.reginfo.gov/public/do/eAgendaViewRule?pubId=202204&RIN=3235-AM88 (accessed February 20, 2023); “Corporate Board Diversity,” RIN: 3235-AL91, https://www.reginfo.gov/public/do/ eAgendaViewRule?pubId=202204&RIN=3235-AL91 (accessed February 20, 2023). 10. 15 U.S. Code § 77z–3, https://www.law.cornell.edu/uscode/text/15/77z-3 (accessed February 20, 2023); 15 U.S. Code § 78mm, https://www.law.cornell.edu/uscode/text/15/78mm (accessed February 20, 2023). 11. S. ___, Jumpstart Our Business Startups Act of 2022, discussion draft, 117th Congress, 2nd Session, https:// www.banking.senate.gov/imo/media/doc/the_jobs_act_4.0discussiondraft.pdf (accessed February 20, 2023); David R. Burton, “Entrepreneurial Capital Formation,” Testimony before the Committee on Banking, Housing, and Urban Affairs, U.S. Senate, April 5, 2022, https://www.heritage.org/testimony/entrepreneurial- capital-formation; “Removing Barriers to Small Business Capital Formation and Expanding Investor Opportunities,” Section 6 in Nicholas Anthony, Norbert J. Michel, Jennifer J. Schulp, George Selgin, and Jack Solowey, “Sound Financial Policy: Principled Recommendations for the 118th Congress,” ed. Norbert J. Michel and Ann Rulon, Cato Institute, 2022, pp. 22–27, https://www.cato.org/sites/cato.org/files/2022-10/sound- financial-policy-118th-congress.pdf (accessed February 20, 2023); David R. Burton and Norbert J. Michel, Proposals to Foster Economic Growth and Capital Formation, Submission to Committee on Banking, Housing, and Urban Affairs, U.S. Senate, March 18, 2021, https://www.banking.senate.gov/imo/media/doc/David%20 Burton%20and%20Norbert%20Michel%20-%202021-3-18.pdf (accessed February 20, 2023); David R. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth,” Heritage Foundation Backgrounder No. 3182, February 14, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3182.pdf. 12. The small issues exemptive authority has been in the Securities Act since its initial enactment. 13. The crowdfunding exemption was created by Title III of the 2012 JOBS Act. See H.R. 3606, Jumpstart Our Business Startups Act, Public Law No. 112-106, 112th Congress, April 5, 2021, Title III, § 302, https://www. govinfo.gov/content/pkg/PLAW-112publ106/pdf/PLAW-112publ106.pdf (accessed February 20, 2023). 14. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Rutheford B. Campbell Jr., “The Case for Federal Pre-Emption of State Blue Sky Laws,” Chapter 6 in Prosperity Unleashed: Smarter Financial Regulation, https://www.heritage.org/sites/default/files/2017-02/06_ProsperityUnleashed_ Chapter06.pdf. 15. Andrew N. Vollmer, “Abandon the Concept of Accredited Investors in Private Securities Offerings,” Securities Regulation Law Journal, Vol. 49, No. 5 (Spring 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_ id=3719280 (accessed February 20, 2023); Thaya Brook Knight, “Your Money’s No Good Here: How Restrictions on Private Securities Offerings Harm Investors,” Cato Institute Policy Analysis No. 833, February 9, 2018, https:// www.cato.org/sites/cato.org/files/pubs/pdf/pa833.pdf (accessed February 20, 2023); David R. Burton, “Congress Should Increase Access to Private Securities Offerings,” Heritage Foundation Issue Brief No. 4899, August 29, 2018, https://www.heritage.org/sites/default/files/2018-08/IB4899.pdf; Andrew N. Vollmer, “Evidence on the Use of Disclosure Documents in Private Securities Offerings to Accredited Investors,” Mercatus Center at George Mason University Working Paper, October 22, 2020, https://www.mercatus.org/publications/financial-regulation/ evidence-use-disclosure-documents-private-securities-offerings-0 (accessed February 20, 2023). 16. For a detailed discussion, see “Micro-Offerings,” Section IId in Burton and Michel, Proposals to Foster Economic Growth and Capital Formation, pp. 15–17. 17. David R. Burton, “Let Entrepreneurs Raise Capital Using Finders and Private Placement Brokers,” Heritage Foundation Backgrounder No. 3328, July 10, 2018, https://www.heritage.org/sites/default/files/2018-07/ BG3328.pdf; Andrew N. Vollmer, “Make It Easy for Startups to Sell Stock,” Mercatus Center at George Mason University Discourse, September 21, 2020, https://www.mercatus.org/bridge/commentary/make-it-easy- startups-sell-stock (accessed February 20, 2023). 18. See H.R. 531, S-Corp Access to Crowdfunding Act, 115th Congress, introduced January 13, 2017, https://www. govinfo.gov/content/pkg/BILLS-115hr531ih/pdf/BILLS-115hr531ih.pdf (accessed February 20, 2023); David Burton, “The Tax Law Makes It Almost Impossible for ‘S Corporations’ to Use Equity Crowdfunding,” The Daily Signal, April 19, 2016, https://www.dailysignal.com/2016/04/19/the-tax-law-makes-it-almost-impossible-for- s-corporations-to-use-equity-crowdfunding/.

Financial Regulatory Agencies

Moderate
Vector: 62%
Pages: 872-874AI Enhanced

AI Analysis:

"HR 425 seeks to repeal beneficial ownership reporting requirements to reduce compliance burdens on small businesses, which aligns with Project 2025's broader goal of rolling back financial regulations (e.g., repealing Dodd‑Frank §1071) that impose data collection and reporting costs on small firms. Both initiatives share a theme of limiting federal data‑collection mandates, though they target different agencies (FinCEN vs. CFPB)."

Key themes:regulatory burden reductionsmall business reliefdata collection repealfinancial regulation rollback

— 839 — Financial Regulatory Agencies On February 27, 2023, the Supreme Court granted the petition for a writ of certiorari.51 The Court should issue its final decision by 2024. The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency.52 It is unconstitutional. Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators53 and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Ser- vices Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration. Until this can be accomplished, however, Congress should: l Ensure that any civil penalty funds not used to recompense wronged consumers go to the Department of the Treasury. The funds should not be retained by the Bureau to be dispensed at the pleasure of the Director— potentially to political actors. Moreover, the CFPB should not have a financial incentive to impose penalties. l Repeal Dodd–Frank Section 1071. This section, which relates to small- business data collection, imposes requirements on financial institutions’ lending to small firms, raises costs, and limits small businesses’ access to capital.54 l Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.55 l Require that respondents in administrative actions be allowed to elect whether an adjudication occurs in an administrative law court or an ordinary Article III federal court.56 l Specify the nature of “deceptive, unfair, and abusive” practices to define the scope of the CFPB mission more precisely. — 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office

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About These Correlations

Policy matches are calculated using a hybrid approach: initial candidates are found using semantic similarity between bill summaries and Project 2025 policy text, then an AI model (Llama 3.1 70B) provides detailed alignment ratings and analysis. Ratings range from 1 (minimal alignment) to 5 (very strong alignment). This analysis does not imply direct causation or intent.

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