To: Members of the House Committee on Financial Services
From: National Taxpayers Union
Date: April 21, 2026
Subject: NTU’s Views on April 21 Committee Markup
I. Introduction and Key Taxpayer Considerations
On behalf of National Taxpayers Union (NTU), the nation’s oldest taxpayer advocacy organization, we write to express our views on a measure slated for consideration before the House Committee on Financial Services. NTU applauds the Committee for its continued efforts to advance legislation that improves government efficiency, cuts red tape, protects free markets, and ensures consumer choice. As such, NTU strongly urges Committee members to support H.R. 425.
II. Legislation NTU Supports at April 21 Markup
H.R. 425, Repealing Big Brother Overreach Act – Support. This important legislation, sponsored by Rep. Davidson (R-OH), would repeal excessively burdensome requirements for small businesses to comply with beneficial ownership regulations. Beneficial ownership refers to the ultimate controlling interest for LLCs and corporations. This new database on businesses’ beneficial ownership reporting would be housed under the Financial Crimes Enforcement Network (FinCEN). FinCEN finalized the rulemaking in 2024, resulting in major confusion and risk for small businesses. A recent analysis estimates the cost of reporting will total almost $23 billion in its first year—a sizable hit for small businesses struggling with inflation and other government regulations. While it is important to crack down on financial crimes and money laundering, it is also imperative to make reasonable accommodations for law-abiding small businesses that cannot afford enormous regulatory costs.
III. Contact Information
Should you have any questions about the recommendations in this memo, please do not hesitate to reach out to Thomas Aiello at taiello@ntu.org.