Us Congress House Bill HJR47

Us Congress 2025-2026 Regular Session

• Introduced: 2/12/25
• Refer: 2/12/25

Caption

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Quality Control Standards for Automated Valuation Models".

Impact

The introduction of HJR47 reflects a broader concern within Congress about the oversight of financial practices, particularly in the realm of real estate and valuation. Disapproving the OCC's rule could potentially alter the current quality control standards for AVMs, which are essential tools used in property valuation for lending and financial reporting purposes. If enacted, the bill would nullify the rule, thereby returning the regulatory landscape to its previous state prior to the introduction of the OCC's standards.

Summary

HJR47 is a joint resolution that seeks congressional disapproval of a specific rule put forth by the Office of the Comptroller of the Currency (OCC) regarding Quality Control Standards for Automated Valuation Models (AVMs). The resolution is grounded in chapter 8 of title 5 of the United States Code, which establishes the procedures through which Congress can disapprove federal regulations. By disapproving this rule, Congress aims to prevent its implementation, arguing that it may not align with the broader goals of financial oversight and regulation.

Contention

Notable points of contention surrounding HJR47 include debates over the efficacy and necessity of the OCC's proposed standards. Advocates of HJR47 argue that the rule may impose undue burdens on businesses involved in real estate transactions and may not adequately address the standards needed for accurate property valuations. Conversely, those in favor of maintaining the OCC's rule argue that it is crucial for ensuring quality and consistency within the financial industry, thereby protecting consumers from potential overvaluation or undervaluation of properties.

Congress_id

119-HJRES-47

Policy_area

Finance and Financial Sector

Introduced_date

2025-02-12