Us Congress House Bill HJR55

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 Financial Crimes Enforcement Network relating to "Anti-Money Laundering Regulations for Residential Real Estate Transfers".

Impact

The impact of HJR55, if passed, would halt the enforcement of FinCEN's anti-money laundering regulations that aim to mitigate risks associated with illicit financial activities in the real estate market. Critics of the existing rule argue that it imposes additional burdens on property buyers and sellers, complicating transactions with added compliance requirements. On the other hand, proponents of the rule argue that it is necessary to protect the integrity of the real estate market and to prevent money laundering schemes that exploit property transactions.

Summary

HJR55 proposes to disapprove a rule submitted by the Financial Crimes Enforcement Network (FinCEN) that pertains to anti-money laundering regulations specifically for residential real estate transfers. This joint resolution indicates Congress's intention to counter the implementation of FinCEN's rule, which was issued in the Federal Register. The proposed change has significant implications for the regulatory landscape governing real estate transactions in the U.S.

Contention

Notable points of contention surrounding HJR55 include debates about the effectiveness and necessity of the anti-money laundering rules that the resolution seeks to disapprove. Opponents of the joint resolution express concerns that removing these regulations may allow for increased financial crimes within the real estate sector. Furthermore, discussions within Congress reflect a divide between those prioritizing market freedom and those advocating for consumer protection and financial oversight.

Congress_id

119-HJRES-55

Policy_area

Finance and Financial Sector

Introduced_date

2025-02-12