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This joint resolution would cancel a recent federal rule from the Financial Crimes Enforcement Network that set anti-money-laundering requirements for certain residential real estate transfers. In simple terms, Congress is saying it does not want that rule to take effect, and if the resolution passes, the rule would be treated as if it never had legal power.
- The resolution uses Congress’s power to reject a federal rule after it has been issued.
- The rule being rejected was published on August 29, 2024, and deals with stopping money laundering in home sales and transfers.
- If approved, the rule would have no force or effect.
Official Summaries
This joint resolution nullifies the final rule issued by the Financial Crimes Enforcement Network (FinCEN) titled Anti-Money Laundering Regulations for Residential Real Estate Transfers and published on August 29, 2024. This rule requires persons involved in real estate closings and settlements to report to FinCEN any non-financed (i.e., cash) transfers of residential property to certain legal entities and trusts.
Current Full Text
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 55 Introduced in House (IH)]
<DOC>
119th CONGRESS
1st Session
H. J. RES. 55
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''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 12, 2025
Mr. Clyde submitted the following joint resolution; which was referred
to the Committee on Financial Services
_______________________________________________________________________
JOINT RESOLUTION
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''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
rule submitted by the Financial Crimes Enforcement Network relating to
``Anti-Money Laundering Regulations for Residential Real Estate
Transfers'' (89 Fed. Reg. 70258 (August 29, 2024)), and such rule shall
have no force or effect.
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