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 "Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information".
Latest Action
Referred to the House Committee on Financial Services.
Official Summary
Official summary has not been imported yet.
GovScope Watchdog™
AI Government Intelligence™House Joint Resolution 185 (HJRES 185) from the 118th Congress is a congressional disapproval resolution targeting a rule submitted by the Securities and Exchange Commission (SEC) concerning Regulation S-P, which governs the privacy of consumer financial information and the safeguarding of customer information. The resolution seeks to nullify or reject the SEC's rule under chapter 8 of title 5, United States Code. The bill was referred to the House Committee on Financial Services but ultimately failed or expired without further legislative action. No full text or official summary of the bill's specific provisions is available.
HJRES 185 aimed to disapprove an SEC privacy rule under the Congressional Review Act but did not advance beyond committee referral and is now expired.
- The bill is a joint resolution for congressional disapproval of an SEC rule related to Regulation S-P on consumer financial privacy and data safeguarding.
- It was introduced in the House and referred to the House Committee on Financial Services on July 11, 2024.
- The resolution did not progress further and is currently classified as failed or expired.
['Financial institutions and entities regulated by the SEC that would be subject to Regulation S-P.', "Consumers whose financial privacy and data protection are governed by the SEC rule, depending on the rule's content and enforcement.", 'The SEC as the regulatory agency involved in rulemaking and oversight.']
['Lack of detailed bill text and official summary limits understanding of the specific changes or impacts intended by the disapproval.', 'Disapproval of a privacy and data safeguarding rule could affect regulatory clarity and consumer protections under Regulation S-P.', 'The legislative process ended without enactment, so the practical effects of the resolution remain unrealized.']
HJRES 185 was introduced during the 118th Congress as part of the congressional review process allowing Congress to reject recently finalized federal agency rules. It reflects legislative oversight of SEC rulemaking in the financial sector, specifically concerning consumer financial privacy. The referral to the House Committee on Financial Services aligns with the committee's jurisdiction over financial regulations. The bill's failure to advance indicates limited legislative support or prioritization.
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, disapproval could delay or prevent implementation of updated consumer financial privacy protections under Regulation S-P.', 'Could influence future SEC rulemaking approaches or congressional oversight strategies regarding financial privacy regulations.', 'May affect consumer confidence in financial data protection depending on regulatory outcomes.']
The absence of a full bill text and official summary restricts transparency and public understanding of the resolution's specific provisions and intended effects. Monitoring congressional disapproval resolutions is important as they directly impact federal regulatory frameworks and agency authority. The bill's referral to the House Committee on Financial Services is consistent with legislative procedures for financial regulation oversight.
GovScope Intelligence Roadmap
Future bill intelligence will connect sponsors, committee referrals, related votes, campaign finance, disclosures, and stock trades into one legislative intelligence view.