H.J.Res.55 - Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Crimes Enforcement Network relating to Anti-Money Laundering Regulations for Residential Real Estate Transfers. (119th Congress)
Summary
H.J.Res.55 is a joint resolution introduced in the House of Representatives aiming to disapprove a rule submitted by the Financial Crimes Enforcement Network (FinCEN) concerning anti-money laundering regulations for residential real estate transfers. The resolution seeks to nullify the rule, preventing it from taking effect. The reference to 89 Fed. Reg. 70258 (August 29, 2024) indicates the specific rule being targeted for disapproval.
Expected Effects
If enacted, H.J.Res.55 would prevent FinCEN's anti-money laundering regulations for residential real estate transfers from taking effect. This would mean that the real estate industry would not be subject to the specific requirements outlined in the disapproved rule. The absence of these regulations could potentially leave the residential real estate market more vulnerable to money laundering activities.
Potential Benefits
- Could reduce compliance costs for businesses involved in residential real estate transfers.
- May prevent potential overreach by the federal government into the real estate market.
- Could simplify real estate transactions by removing additional regulatory hurdles.
- Might foster innovation in the real estate sector by avoiding potentially stifling regulations.
- Could protect individual privacy by preventing the collection of data required by the anti-money laundering regulations.
Most Benefited Areas:
Potential Disadvantages
- Could increase the risk of money laundering through residential real estate transactions.
- May weaken efforts to combat financial crimes and terrorism financing.
- Could create loopholes that allow illicit funds to be laundered through the real estate market.
- Might undermine the integrity of the financial system by allowing illegal activities to go undetected.
- Could damage the reputation of the United States as a leader in combating financial crime.
Constitutional Alignment
The resolution's constitutional alignment stems from Congress's legislative powers as defined in Article I, Section 1, which grants all legislative powers to the Congress. Chapter 8 of Title 5, United States Code, provides a mechanism for congressional review of agency rulemaking, aligning with the principle of checks and balances.
Disapproving a rule made by an executive agency falls within Congress's oversight responsibilities. The resolution does not appear to infringe upon individual rights or freedoms protected by the Constitution.
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).