Bill > HJRes55

This resolution is a congressional action to formally reject a rule proposed by the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Treasury Department, regarding anti-money laundering regulations for residential real estate transfers. Specifically, the resolution targets a rule published in the Federal Register on August 29, 2024, which appears to establish new reporting or monitoring requirements for real estate transactions. By passing this resolution, Congress would effectively nullify the FinCEN rule, preventing it from being implemented or enforced. This type of action is authorized under the Congressional Review Act (Chapter 8 of Title 5, United States Code), which allows Congress to review and potentially overturn new federal regulations within a certain timeframe after they are issued. The resolution declares that the specified FinCEN rule "shall have no force or effect," meaning it would be treated as if it was never created, providing a clear legislative mechanism to block the proposed regulatory action.

Business and Industry

https://www.congress.gov/bill/119th-congress/house-joint-resolution/55/all-info