S.jres15 - Disapproving the rule submitted by the Financial Crimes Enforcement Network relating to Anti-Money Laundering Regulations for Residential Real Estate Transfers. (119th Congress)
Summary
This document is a joint resolution (S.J. Res. 15) introduced in the Senate during the 119th Congress. It aims to disapprove a rule submitted by the Financial Crimes Enforcement Network (FinCEN) concerning anti-money laundering regulations for residential real estate transfers. The resolution specifically targets the final rule published in the Federal Register (89 Fed. Reg. 70258) on August 29, 2024.
Expected Effects
If passed, the resolution would nullify the FinCEN rule, preventing it from taking effect. This would mean that the specific anti-money laundering regulations for residential real estate transfers outlined in the rule would not be enforced. The real estate sector would not be subject to the additional scrutiny and compliance measures that the rule would have imposed.
Potential Benefits
- Potentially reduces compliance costs for real estate businesses.
- May prevent increased bureaucracy in real estate transactions.
- Could avoid potential delays in property sales due to regulatory requirements.
- Might limit government intrusion into private financial transactions.
- Could prevent unintended consequences of the rule on the real estate market.
Most Benefited Areas:
Potential Disadvantages
- May increase the risk of money laundering through real estate.
- Could hinder efforts to combat financial crimes.
- Might weaken the ability of law enforcement to track illicit funds.
- Potentially undermines international efforts to prevent money laundering.
- Could create loopholes for criminals to exploit the real estate market.
Constitutional Alignment
The resolution itself is a valid exercise of Congressional power under Article I, Section 1, which vests all legislative powers in Congress. Congress has the authority to review and disapprove agency regulations. The specific constitutional implications of the underlying FinCEN rule would depend on whether it infringes upon any constitutionally protected rights, such as the right to privacy or due process, which is not evident from the resolution itself.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).