Bill > HJRes47

This resolution, introduced in the United States Congress, seeks to disapprove a rule proposed by the Office of the Comptroller of the Currency (OCC) concerning "Quality Control Standards for Automated Valuation Models" (AVMs). Specifically, the resolution would nullify the rule published in the Federal Register on August 7, 2024, effectively preventing the rule from taking legal effect. Automated Valuation Models are computer-driven systems used to estimate the value of real estate, and this rule likely pertained to establishing standards for how these models should be developed and implemented. By using the congressional disapproval process under Chapter 8 of Title 5 of the United States Code, Congress is exercising its legislative oversight authority to reject a regulatory rule that it believes is inappropriate or overreaching. If passed, this resolution would mean that the OCC's proposed quality control standards for automated valuation models would be void and would not be enforceable.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-joint-resolution/47/all-info