HJRES 55119th CongressIn Committee

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".

Introduced: Feb 12, 2025

Standard Summary

Comprehensive overview in 1-2 paragraphs

This bill uses the Congressional Review Act mechanism to disapprove a specific rule issued by the Financial Crimes Enforcement Network (FinCEN). The rule in question, “Anti-Money Laundering Regulations for Residential Real Estate Transfers” published at 89 Federal Register 70258 on August 29, 2024, would be blocked from taking effect if the joint resolution is enacted. In short, if Congress approves this joint resolution and it becomes law (over any potential presidential veto or after any override), FinCEN’s AML requirements for residential real estate transfers would be nullified and could not take effect.

Key Points

1The bill is a joint resolution of disapproval under Chapter 8 of Title 5, United States Code (the Congressional Review Act).
2It disapproves FinCEN’s rule titled “Anti-Money Laundering Regulations for Residential Real Estate Transfers” (published Aug. 29, 2024 at 89 Fed. Reg. 70258).
3If enacted, the rule "shall have no force or effect," meaning FinCEN would not be able to implement or rely on that rule.
4The measure was introduced in the House by Mr. Clyde on February 12, 2025 and referred to the Committee on Financial Services.
5Under the Congressional Review Act, a disapproval resolution blocks the rule and generally prevents a substantially similar rule from taking effect unless Congress subsequently enacts new legislation to authorize it.

Impact Areas

Primary beneficiaries/affected groups:- FinCEN and its regulatory framework for AML in real estate.- Financial institutions (banks, mortgage lenders) and real estate professionals (brokerages, title companies, closing agents) responsible for AML compliance related to real estate transactions.- Real estate buyers and sellers who would have been subject to enhanced AML requirements.Secondary effects:- Compliance costs and administrative burden for entities involved in residential real estate transfers.- Potential changes in how money laundering risks in real estate are monitored and reported.Additional considerations:- The disapproval removes the specific regulatory pathway FinCEN proposed for real estate AML, which could shift regulatory focus to other existing AML rules or await new legislation.- Could influence ongoing policy debates about regulatory burden vs. money-laundering safeguards in real estate markets.

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