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Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Quality Control Standards for Automated Valuation Models".
2/14/2025, 3:18 PM
Summary of Bill HJRES 48
Bill 119 HJRes 48 is a piece of legislation that aims to provide congressional disapproval of a rule submitted by the Board of Governors of the Federal Reserve System regarding "Quality Control Standards for Automated Valuation Models." The rule in question pertains to the standards that must be met by automated valuation models, which are used in the real estate industry to estimate property values.
The bill seeks to invoke Chapter 8 of Title 5 of the United States Code, which allows Congress to disapprove of rules issued by federal agencies. By passing this bill, Congress would effectively nullify the rule put forth by the Federal Reserve Board.
The rationale behind this bill is not explicitly stated, but it is likely that lawmakers believe the rule may have negative implications for the real estate industry or could potentially hinder the use of automated valuation models. It is important to note that this summary is non-partisan and does not take a stance on the merits of the bill. Overall, Bill 119 HJRes 48 is a straightforward piece of legislation that seeks to exercise congressional oversight over a rule proposed by the Federal Reserve Board regarding automated valuation models.
The bill seeks to invoke Chapter 8 of Title 5 of the United States Code, which allows Congress to disapprove of rules issued by federal agencies. By passing this bill, Congress would effectively nullify the rule put forth by the Federal Reserve Board.
The rationale behind this bill is not explicitly stated, but it is likely that lawmakers believe the rule may have negative implications for the real estate industry or could potentially hinder the use of automated valuation models. It is important to note that this summary is non-partisan and does not take a stance on the merits of the bill. Overall, Bill 119 HJRes 48 is a straightforward piece of legislation that seeks to exercise congressional oversight over a rule proposed by the Federal Reserve Board regarding automated valuation models.
Congressional Summary of HJRES 48
This joint resolution nullifies the final rule issued by the Office of the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Consumer Financial Protection Bureau, and the Federal Housing Finance Agency titled Quality Control Standards for Automated Valuation Models and published on August 7, 2024. The rule requires the implementation of quality control standards for automated valuation models used by mortgage originators and secondary market issuers when determining the value of real estate securing a mortgage.
Read the Full Bill
Current Status of Bill HJRES 48
Bill HJRES 48 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 48 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 48's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025
Bipartisan Support of Bill HJRES 48
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HJRES 48
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HJRES 48
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Quality Control Standards for Automated Valuation Models".
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Quality Control Standards for Automated Valuation Models".
Comments
Sponsors and Cosponsors of HJRES 48
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