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".

# Summary of H.J. RES 55 **What the Bill Would Do** This bill would block a Financial Crimes Enforcement Network (FinCEN) rule that went into effect in August 2024. The rule requires real estate professionals involved in property closings to report cash sales of homes to FinCEN when buyers use certain legal entities or trusts instead of purchasing in their own names. If passed, this bill would completely cancel that reporting requirement. **Who It Affects and Key Provisions** The rule primarily impacts real estate agents, title companies, and other professionals who handle property closings. The reporting requirement applies specifically to cash transactions—sales where the buyer doesn't use a mortgage. The stated purpose of the FinCEN rule was to combat money laundering by making it harder to hide the true ownership of properties bought with untraceable cash.

The bill takes the opposite approach, eliminating this transparency measure entirely. **Current Status** H.J. RES 55 is currently in committee and has not yet advanced. It was introduced by Rep. Andrew Clyde, a Republican from Georgia. This type of measure uses a congressional disapproval process that allows Congress to overturn regulations issued by federal agencies. Supporters likely argue the rule creates unnecessary burdens on real estate transactions, while opponents would probably contend it's an important tool against financial crime and illicit activity.