Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Amendment to Prohibited Transaction Exemption 2020-02".
Latest Action
Referred to the House Committee on Education and the Workforce.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™This House Joint Resolution (HJRES 140) from the 118th Congress proposes congressional disapproval of a Department of Labor rule titled "Amendment to Prohibited Transaction Exemption 2020-02." The rule pertains to financial regulations under the Department of Labor's authority, specifically relating to exemptions in prohibited transactions. The resolution was referred to the House Committee on Education and the Workforce but ultimately failed or expired without further legislative action. No official bill summary or full text is available, limiting detailed analysis of the specific regulatory changes targeted by the resolution.
HJRES 140 sought to nullify a Department of Labor rule amending a prohibited transaction exemption but did not advance beyond committee referral and expired without passage.
- The resolution targets a Department of Labor rule amending Prohibited Transaction Exemption 2020-02, which relates to financial sector regulations.
- It was introduced in the House and referred to the House Committee on Education and the Workforce on May 15, 2024.
- The resolution did not progress further and is recorded as failed or expired as of the latest update in July 2025.
['Department of Labor (potentially, if the rule remains in effect)', "Financial institutions and entities subject to Prohibited Transaction Exemption 2020-02 (depending on the rule's content)", 'Congress, by exercising oversight authority over administrative rules']
['Lack of detailed public information on the specific rule amendment limits understanding of the regulatory and economic impact.', "Failure to advance the resolution means the Department of Labor's rule remains in effect, which may have implications for compliance and enforcement.", "The resolution's failure may reflect challenges in congressional oversight or consensus on financial regulatory changes."]
The resolution is part of Congress's oversight function under chapter 8 of title 5, United States Code, allowing disapproval of administrative rules. It reflects legislative scrutiny of Department of Labor regulations affecting financial transactions. The referral to the House Committee on Education and the Workforce aligns with the committee's jurisdiction over labor and financial regulatory matters. The resolution's failure to pass indicates limited legislative support or competing priorities during the 118th Congress.
Hidden impact flags detected: 2
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["Continued enforcement of the Department of Labor's amended rule may influence financial institutions' compliance practices and fiduciary responsibilities.", 'The failure of the resolution may signal to regulatory agencies the challenges of congressional disapproval, potentially affecting future rulemaking strategies.', "Stakeholders affected by the rule may experience ongoing regulatory certainty or uncertainty depending on the rule's content and enforcement."]
The absence of the full bill text and official summary limits transparency and complicates public and legislative oversight. The resolution's referral to a relevant committee aligns with standard legislative procedure, but its failure to advance suggests limited engagement or consensus. Monitoring the Department of Labor's rulemaking and congressional responses remains important for understanding regulatory impacts on financial transactions.
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