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".

2/21/2025, 1:17 PM

Summary of Bill HJRES 55

Bill 119 hjres 55 is a piece of legislation that aims to disapprove of a rule submitted by the Financial Crimes Enforcement Network (FinCEN) regarding Anti-Money Laundering Regulations for Residential Real Estate Transfers. The rule in question is outlined in chapter 8 of title 5, United States Code.

The purpose of the rule is to combat money laundering in the residential real estate market by requiring certain individuals involved in real estate transactions to disclose their identities. This is intended to prevent criminals from using real estate transactions to launder illicit funds.

However, some members of Congress believe that the rule is overly burdensome and could have negative consequences for the real estate industry. They argue that the rule could deter legitimate buyers and sellers from participating in real estate transactions, ultimately harming the market. As a result, Bill 119 hjres 55 seeks to disapprove of the rule submitted by FinCEN. If passed, this legislation would prevent the rule from going into effect, effectively nullifying its impact on the residential real estate market. Overall, Bill 119 hjres 55 represents a debate between the need to combat money laundering in the real estate sector and concerns about the potential negative effects of the proposed rule. It will be up to Congress to decide whether to approve or disapprove of the rule submitted by FinCEN.

Congressional Summary of HJRES 55

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 Status of Bill HJRES 55

Bill HJRES 55 is currently in the status of Bill Introduced since February 12, 2025. Bill HJRES 55 was introduced during Congress 119 and was introduced to the House on February 12, 2025. Bill HJRES 55's most recent activity was Referred to the House Committee on Financial Services. as of February 12, 2025