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".
About This Bill
Committee
Latest Action · October 18, 2024
Referred to the House Committee on Financial Services.
This joint resolution seeks to block a rule issued by the Financial Crimes Enforcement Network that requires residential real estate buyers and sellers to comply with anti-money laundering regulations. The rule, published in August 2024, would have applied to real estate transactions as part of efforts to prevent criminals from using property purchases to hide illegal funds. If passed, this resolution would prevent the rule from taking effect and eliminate any requirements it imposes on real estate market participants, including homebuyers, sellers, and real estate professionals. The measure uses Congress's power to disapprove federal regulations, a procedural tool that allows lawmakers to overturn agency rules within a specified timeframe. No specific funding or implementation timeline is referenced in the resolution text.
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