Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Staff Accounting Bulletin No. 121".
Latest Action
The Chair directed the Clerk to notify the Senate of the action of the House.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 109) from the 118th Congress proposes congressional disapproval of a rule submitted by the Securities and Exchange Commission (SEC) related to "Staff Accounting Bulletin No. 121." The resolution is a formal mechanism under chapter 8 of title 5, United States Code, allowing Congress to reject a federal agency rule. The bill originated in the House and, as of the latest update, the House directed the Clerk to notify the Senate of its action. The resolution ultimately failed or expired and did not become law. No official summary or full text of the bill is available in the source data.
HJRES 109 sought to disapprove an SEC rule concerning Staff Accounting Bulletin No. 121 but did not pass and is no longer active.
- The resolution targets a specific SEC rule related to Staff Accounting Bulletin No. 121.
- It uses the congressional disapproval process under chapter 8 of title 5, U.S. Code.
- The resolution passed the House and was sent to the Senate but ultimately failed or expired.
['Congress, by exercising oversight over federal agency rulemaking.', 'Entities subject to SEC regulations, potentially including financial institutions and publicly traded companies, depending on the content of the disapproved rule.']
['Lack of available full bill text and official summary limits public understanding of the specific regulatory changes targeted.', 'The disapproval process may affect regulatory certainty for entities governed by SEC rules.', 'Potential administrative and procedural costs associated with implementing or reversing the SEC rule.']
The resolution is part of a legislative mechanism allowing Congress to reject federal agency rules under the Congressional Review Act. The SEC rule in question relates to accounting standards guidance, which is a technical area within financial regulation. The resolution passed the House and was communicated to the Senate but did not advance further, resulting in failure or expiration.
Hidden impact flags detected: 2
GovScope reviewed 2 policy-risk categories. Hover for a quick definition. Click detected flags for bill-specific details.
['If enacted, the disapproval could delay or reverse changes in accounting guidance affecting financial reporting.', 'May influence future SEC rulemaking by signaling congressional scrutiny of accounting standards.', 'Could impact investor confidence if regulatory frameworks are perceived as unstable.']
The absence of an official summary and full text restricts comprehensive analysis and public understanding. The resolution represents a use of the Congressional Review Act to check agency rulemaking, highlighting the balance of power between legislative oversight and regulatory agencies. Monitoring the communication between chambers and final outcomes is essential for transparency.
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