This joint resolution nullifies the rule issued by the Securities and Exchange Commission on March 31, 2022, titled Staff Accounting Bulletin No. 121. This bulletin provides accounting and disclosure guidance for entities related to their obligations to safeguard cryptoassets held for users of its platform.
A letter of opinion from the Government Accountability Office dated October 31, 2023, titled Securities and Exchange Commission—Applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121 concluded that this bulletin is a rule for purposes of the Congressional Review Act.
[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.J. Res. 109 Introduced in House (IH)]
<DOC>
118th CONGRESS
2d Session
H. J. RES. 109
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''.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 1, 2024
Mr. Flood (for himself and Mr. Nickel) submitted the following joint
resolution; which was referred to the Committee on Financial Services
_______________________________________________________________________
JOINT RESOLUTION
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''.
Resolved by the Senate and House of Representatives of the United
States of America in Congress assembled, That Congress disapproves the
rule submitted by the Securities and Exchange Commission relating to
``Staff Accounting Bulletin No. 121'' (87 Fed. Reg. 21015 (April 11,
2022) and a letter of opinion from the Government Accountability Office
dated October 31, 2023 (which was printed in the Congressional Record
on November 1, 2023, on pages S5310-5312), concluding that such Staff
Accounting Bulletin is a rule under chapter 8 of title 5, United States
Code), and such rule shall have no force or effect.
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Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
Roll Call #169 (Senate)Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
Roll Call #169 (Senate)Message on Senate action sent to the House.
Presented to President.
Presented to President.
Vetoed by President.
Vetoed by President.
The Chair laid before the House the veto message from the President.
The Chair announced that the objections of the President to H.J. Res. 109 would be spread at large upon the Journal, and the veto message would be printed as a House Document (118-145).
Mr. Grothman asked unanimous consent That, further consideration of the veto message and the joint resolution, H.J. Res. 109, be postponed until the legislative day of July 10, 2024. Agreed to without objection.
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The Chair laid before the House the veto message from the President.
DEBATE - Pursuant to a previous order of the House of June 3, 2024, the unfinished business is the further consideration of the veto message of the President on H.J. Res. 109. The House proceeded with one hour of debate on the objections of the President to the contrary notwithstanding. (consideration: CR H4543-4547)
The previous question was ordered without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the veto message of the President to H.J. Res. 109, the Chair put the question on will the House, on reconsideration, pass H.J. Res. 109, the objections of the President to the contrary notwithstanding. Under the Constitution, the vote must be taken by the yeas and nays. Further proceedings were postponed until a time to be announced.
The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
Failed of passage in House over veto On passage, the objections of the President to the contrary notwithstanding Failed by the Yeas and Nays: (2/3 required): 228 - 184 (Roll no. 355). (text: 5/8/2024 CR H2950)
Roll Call #355 (House)On passage, the objections of the President to the contrary notwithstanding Failed by the Yeas and Nays: (2/3 required): 228 - 184 (Roll no. 355). (text: 5/8/2024 CR H2950)
Roll Call #355 (House)On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
The Chair directed the Clerk to notify the Senate of the action of the House.