H.J. Res. 212 (118th): 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
This joint resolution was introduced in the House of Representatives on May 11, 2023, by Representative Blaine Luetkemeyer (R-MO). It has been referred to the House Committee on Financial Services.
The resolution would disapprove of a rule submitted by the Financial Crimes Enforcement Network (FinCEN) to implement the Corporate Transparency Act (CTA). The CTA, which was enacted in 2021, requires certain businesses to report their beneficial owners to FinCEN.
The FinCEN rule would require title insurance companies and other closing agents to collect and report information about the beneficial owners of residential real estate transactions. This information would include the names, addresses, and Social Security numbers of the beneficial owners.
Opponents of the rule argue that it is unnecessary and burdensome. They say that the CTA already requires businesses to collect and report information about the beneficial owners of their customers, and that the FinCEN rule would simply duplicate this requirement. They also say that the rule would impose significant costs on title insurance companies and other closing agents.
Supporters of the rule argue that it is necessary to prevent money laundering and other financial crimes. They say that the CTA does not require businesses to collect and report information about the beneficial owners of their customers in all cases, and that the FinCEN rule would close this loophole. They also say that the rule would help to ensure that the United States is in compliance with international anti-money laundering standards.
The resolution is currently in committee. It is unclear whether it will be considered by the full House of Representatives.
The AI has provided us with the news.
I’ve asked Google Gemini the following question, and here’s its response.
Please search for “H.J. Res. 212 (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.” which is rapidly rising on Congressional Bills and explain in detail. Answers should be in English.
15