H.J.Res.48 - Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to Quality Control Standards for Automated Valuation Models. (119th Congress)
Summary
H.J. Res. 48 proposes congressional disapproval of a rule submitted by the Board of Governors of the Federal Reserve System regarding Quality Control Standards for Automated Valuation Models (AVMs). The resolution aims to nullify the rule outlined in the Federal Register (89 Fed. Reg. 64538). The disapproval is pursued under chapter 8 of title 5, United States Code, which provides a mechanism for congressional review of agency rulemaking.
Expected Effects
If enacted, H.J. Res. 48 would prevent the implementation of the Federal Reserve's rule on Quality Control Standards for AVMs. This would leave the existing regulatory framework for AVMs unchanged, at least until further action by the Federal Reserve or Congress. The practical effect would depend on whether the existing framework is considered adequate or in need of the revisions proposed by the disapproved rule.
Potential Benefits
- Potentially avoids unintended consequences of the new rule on AVMs.
- Maintains the status quo, providing stability for businesses and consumers.
- Allows for further review and refinement of AVM quality control standards.
- Could prevent increased compliance costs associated with the new rule.
- Reinforces congressional oversight of agency rulemaking.
Potential Disadvantages
- May delay improvements in the accuracy and reliability of AVMs.
- Could perpetuate existing problems or inefficiencies in property valuation.
- May hinder innovation in the automated valuation industry.
- Could lead to inconsistencies in quality control standards across different institutions.
- May create uncertainty if the existing standards are perceived as inadequate.
Constitutional Alignment
This resolution aligns with Article I, Section 1 of the U.S. Constitution, which vests all legislative powers in Congress. Chapter 8 of Title 5, U.S. Code, provides a statutory mechanism for congressional review of agency rules, reflecting Congress's oversight role. The resolution does not appear to infringe upon any specific constitutional rights or protections.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).