Us Congress 2025-2026 Regular Session

Us Congress House Bill HJR48

Introduced
2/12/25  

Caption

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".

Impact

The implications of HJR48 extend prominently into the regulatory framework governing financial institutions and property valuation processes. By disapproving of these quality control standards, Congress could potentially impact how lenders assess property values, potentially leading to a more lenient valuation process that may favor certain market participants over others. This rejection may excite discussions on the balance of oversight between federal regulatory bodies and Congress, indicating shifts in policy priorities regarding financial regulation.

Summary

HJR48 is a joint resolution aimed at providing congressional disapproval of a specific rule submitted by the Board of Governors of the Federal Reserve System concerning ‘Quality Control Standards for Automated Valuation Models’. This resolution signifies a direct response from Congress to contest the regulatory authority of the Federal Reserve over automated valuation models, which are essential in determining property values for various financial transactions such as mortgages and loans. The resolution emphasizes that the contested rule shall have no force or effect if passed, effectively nullifying the implementation of those quality control standards laid out by the Federal Reserve.

Contention

The resolution may face contention surrounding the need for stringent quality controls versus the desire for less federal oversight from those who view regulatory measures as overly burdensome. Supporters of the resolution may argue that the existing federal rules hinder operability within the financial and housing markets, claiming they contribute to unnecessary complications for lenders and appraisers. Conversely, critics might argue that rejecting these quality control standards could lead to distortions in property valuation, posing risks to the broader financial stability and consumer protection within the market.

Congress_id

119-HJRES-48

Policy_area

Finance and Financial Sector

Introduced_date

2025-02-12

Companion Bills

No companion bills found.

Previously Filed As

US HJR125

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 "Principles for Climate-Related Financial Risk Management for Large Financial Institutions".

US HJR98

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Labor Relations Board relating to "Standard for Determining Joint Employer Status".

US HJR211

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Communications Commission relating to "The Emergency Alert System and Wireless Emergency Alerts".

US HJR181

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Definition of 'Employer'-Association Health Plans".

US HJR109

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".

US HJR110

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Coronavirus State and Local Fiscal Recovery Funds".

US HJR69

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Environmental Protection Agency relating to "Federal 'Good Neighbor Plan' for the 2015 Ozone National Ambient Air Quality Standards".

US HJR218

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Energy relating to "Energy Conservation Program: Energy Conservation Standards for Commercial Water Heating Equipment".

US HJR142

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Retirement Security Rule: Definition of an Investment Advice Fiduciary".

US SJR49

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the National Labor Relations Board relating to a "Standard for Determining Joint Employer Status".

Similar Bills

No similar bills found.