Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations".
Latest Action
Placed on the Union Calendar, Calendar No. 653.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 120) from the 118th Congress proposes congressional disapproval of a rule submitted by the Financial Stability Oversight Council (FSOC) concerning guidance on the determination of nonbank financial companies. The resolution seeks to nullify the FSOC's guidance under the authority of chapter 8 of title 5, United States Code. The bill was placed on the Union Calendar but ultimately failed or expired without becoming law. The bill relates to the regulatory framework governing financial stability and oversight of nonbank financial entities.
HJRES 120 aimed to reject FSOC's guidance on nonbank financial company determinations but did not pass, leaving the FSOC's rule intact.
- The resolution targets a specific FSOC rule providing guidance on how nonbank financial companies are identified for oversight.
- It was introduced in the House and placed on the Union Calendar as Calendar No. 653.
- The bill failed or expired without enactment, so the FSOC guidance remains effective.
['Financial institutions classified as nonbank financial companies subject to FSOC oversight', 'Regulators and policymakers involved in financial stability oversight', 'Financial markets potentially affected by regulatory clarity or changes']
["The resolution's failure to pass means no change to FSOC's authority or guidance, which may affect regulatory certainty.", 'Lack of detailed bill text and summary limits understanding of specific provisions and implications.', 'Potential tradeoffs between regulatory oversight and financial sector flexibility are not detailed.']
This resolution was part of congressional oversight of financial regulatory agencies, specifically addressing FSOC's role in identifying nonbank financial companies for enhanced supervision. The use of the Congressional Review Act (chapter 8 of title 5) allows Congress to disapprove federal rules. The bill's failure indicates insufficient support to overturn the FSOC guidance during the 118th Congress.
Hidden impact flags detected: 2
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["Maintaining FSOC's guidance could influence the regulatory environment for nonbank financial companies, potentially affecting market stability and regulatory compliance costs.", 'Congressional disapproval attempts may signal legislative scrutiny of financial regulatory agencies, impacting future rulemaking and agency behavior.']
The bill's lack of publicly available full text and official summary limits transparency and comprehensive analysis. Tracking the legislative status and calendar placement provides insight into congressional priorities and procedural progress. The use of a joint resolution under the Congressional Review Act highlights the mechanism for legislative oversight of federal agency rules.
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