Plain English
GovGreed Synthesis ·
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.
Top Winners — Our Analysis
RDFN
70% confidence
The bill removes AML reporting burdens on real estate transactions, potentially reducing compliance costs and friction in residential real estate markets, benefiting real estate services companies. The bill text explicitly targets the 'Anti-Money Laundering Regulations for Residential Real Estate Transfers' rule.
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EXPI
70% confidence
As a real estate brokerage, the company could benefit from reduced compliance overhead and smoother transaction processes if the AML rule is repealed, per the bill's disapproval of the FinCEN rule.
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COMP
60% confidence
The company operates a real estate listings platform; repeal of AML reporting requirements might increase transaction volume and reduce barriers for entity buyers, as inferred from the bill's aim to disapprove the rule.
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Market Impact Map
Action Timeline
2025-02-12
Referred to the House Committee on Financial Services.
2025-02-12
Introduced in House
2025-02-12
Introduced in House
Full Bill Text
119 HJ 55 IH: 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”. U.S. House of Representatives 2025-02-12 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. IA 119th CONGRESS 1st Session H. J. RES. 55 IN THE HOUSE OF REPRESENTATIVES February 12, 2025 Mr. Clyde submitted the following joint resolution; which was referred to the Committee on Financial Services JOINT RESOLUTION 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 . That Congress disapproves the rule submitted by the Financial Crimes Enforcement Network relating to Anti-Money Laundering Regulations for Residential Real Estate Transfers (89 Fed. Reg. 70258 (August 29, 2024)), and such rule shall have no force or effect.
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