Us Congress House Bill HJR212

Us Congress 2023-2024 Regular Session

• Introduced: 10/18/24
• Refer: 10/18/24

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

If passed, HJR212 would effectively nullify the aforementioned anti-money laundering regulations, indicating Congress's stance against these specific rules. The implications of such disapproval could lead to significant changes in how real estate transactions are monitored at the federal level, with potential consequences for financial institutions and real estate professionals who are currently required to adhere to these regulations. Proponents argue this action will alleviate burdensome compliance demands on the real estate sector.

Summary

HJR212 is a joint resolution that seeks to provide congressional disapproval of specific regulatory rules set forth by the Financial Crimes Enforcement Network (FinCEN) concerning anti-money laundering regulations for residential real estate transfers. The resolution targets a rule initially published in the Federal Register, which implemented certain compliance requirements aimed at enhancing the monitoring of real estate transactions to prevent illicit financial activities, such as money laundering.

Contention

The discussions surrounding HJR212 may include notable positions from various stakeholders within the legislature. Supporters of the resolution may claim that the regulations imposed by FinCEN are excessive or flawed, arguing they could hamper legitimate real estate transactions and economic activity. On the other hand, opponents are likely to highlight potential risks in disapproving these regulations, such as creating loopholes for money laundering and reducing oversight within the real estate market, which could ultimately serve to protect illicit activities.