Repealing Big Brother Overreach Act

This Act may be cited as the “Repealing Big Brother Overreach Act”.

(a) In general.— Section 5336 of title 31, United States Code, is amended—

(1) by inserting “foreign” after “Beneficial” each place such term appears in heading or text;

(2) by inserting “foreign” after “beneficial” each place such term appears in heading or text (and conforming the item relating to such section 5336 in the table of contents for chapter 53 of title 31, United States Code, accordingly); and

(3) in subsection (a)—

(A) in paragraph (3)(A), by inserting after “individual who” the following: “is a foreign person and”; and

(B) in paragraph (11)(A), by striking “that is” and all that follows through “(ii) formed” and inserting “that is formed”.

(b) Deletion of data relating to non-reporting companies.— Not later than 90 days after the date of enactment of this Act, the Financial Crimes Enforcement Network shall delete all beneficial ownership information collected pursuant to section 5336 of title 31, United States Code, with respect to—

(1) any individual who is not a foreign beneficial owner (as such term is defined under such section 5336); or

(2) a corporation, limited liability company, or other similar entity that is not a reporting company (as such term is defined under such section 5336).