Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Federal Housing Finance Agency relating to "Quality Control Standards for Automated Valuation Models".
H.J. Res. 52 is a joint resolution introduced in the 119th Congress under the Congressional Review Act (CRA). It would disapprove the Federal Housing Finance Agency’s rule titled “Quality Control Standards for Automated Valuation Models,” which was published in the Federal Register on August 7, 2024 (89 Fed. Reg. 64538). If Congress enacts this joint resolution, the rule would have no force or effect. In short, the bill seeks to block FHFA’s quality control standards for automated valuations from taking effect and to prevent the rule from operating as law unless Congress later acts again. The bill is sponsored by Rep. Clyde and referred to the House Committee on Financial Services. It represents a formal congressional disapproval of FHFA’s rule through the CRA process.
Key Points
- 1Disapproval under the Congressional Review Act: The bill uses a joint resolution to disapprove the FHFA rule on Quality Control Standards for Automated Valuation Models, making the rule invalid if enacted.
- 2Specific rule targeted: The rule is the FHFA’s quality control standards for AVMs, published August 7, 2024 (89 Fed. Reg. 64538).
- 3Effect of passage: If the joint resolution becomes law, the rule shall have no force or effect and cannot be enforced.
- 4Legislative path: The bill was introduced in the House by Rep. Clyde and would need passage by both chambers and signature by the President to become law.
- 5Oversight context: This action uses the CRA mechanism to reverse a federal regulation, potentially signaling legislative opposition to FHFA’s approach to AVM quality control.