Bill > HJRes49

This resolution is a congressional action to formally disapprove a rule proposed by the Federal Deposit Insurance Corporation (FDIC) concerning "Quality Control Standards for Automated Valuation Models" (AVMs). Specifically, the resolution declares that the FDIC's rule, which was published in the Federal Register on August 7, 2024, will have no legal force or effect. Automated Valuation Models are computer-driven methods for estimating the value of real estate, commonly used in mortgage lending and property assessment. By invoking Chapter 8 of Title 5 of the United States Code, Congress is exercising its legislative power to review and potentially nullify federal agency regulations, a mechanism that allows legislative oversight of administrative rulemaking. This type of resolution is part of the Congressional Review Act, which gives Congress the ability to review and potentially reject new federal regulations within a certain timeframe after their proposal.

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https://www.congress.gov/bill/119th-congress/house-joint-resolution/49/all-info