Referred to the House Committee on Financial Services.
This joint resolution uses the Congressional Review Act to disapprove and nullify the Board of Governors of the Federal Reserve System rule titled “Quality Control Standards for Automated Valuation Models” (89 Fed. Reg. 64538, Aug. 7, 2024).
Progressives emphasize consumer protection and anti‑bias oversight
Procedurally simple, narrow deregulatory measure likely to attract supporters, but still politically contested.
This joint resolution uses the Congressional Review Act to disapprove and nullify the Board of Governors of the Federal Reserve System rule titled “Quality Control Standards for Automated Valuation Models” (89 Fed.
Reg. 64538, Aug. 7, 2024).
If enacted, the rule would be void and have no force or effect.
Narrow procedural vehicle increases feasibility, but substantive pushback from regulators and consumer/financial stability concerns reduce odds.
How solid the drafting looks.
Progressives emphasize consumer protection and anti‑bias oversight
These are examples from the analysis, not a ranked list of the most-affected groups.
Progressives emphasize consumer protection and anti‑bias oversight
Likely to oppose the resolution because it removes supervision intended to ensure accuracy and fairness in automated valuation models (AVMs).
Concern centers on consumer protection, anti‑discrimination, and preserving regulatory guardrails for credit markets.
They would emphasize the potential for biased or inaccurate valuations if the Fed’s standards are removed.
A pragmatic view: the resolution raises valid questions about regulatory cost and scope, but also risks removing useful standards.
Likely to seek a middle path requiring clearer economic impact analysis and targeted exemptions for smaller firms.
Would favor adjustments rather than wholesale nullification if harms to consumers might follow.
Likely to support the resolution as a check on federal regulatory overreach and costly compliance mandates.
Emphasis on limiting the Fed’s ability to impose prescriptive model governance and protecting community banks and market innovation.
Views the nullification as restoring flexibility and lowering regulatory burdens.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Narrow procedural vehicle increases feasibility, but substantive pushback from regulators and consumer/financial stability concerns reduce odds.
The bill has not accumulated any surfaced votes yet.
Progressives emphasize consumer protection and anti‑bias oversight
Narrow procedural vehicle increases feasibility, but substantive pushback from regulators and consumer/financial stability concerns reduce…
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