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".

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.