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".

Bill: 118-hjres-109
Sponsor: Rep. Flood, Mike [R-NE-1]
Introduced: 2024-02-01 in the House
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures
Congressional oversight
Congressional-executive branch relations
Securities and Exchange Commission (SEC)

Summary:
action_date: 2024-02-01
text: 
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. 
 
action_date: 2024-05-01
text: 
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.
 
action_date: 2024-05-08
text: 
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.
 
action_date: 2024-05-16
text: 
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.
 

Legislative actions:
action_date: 2024-07-11
text: The Chair directed the Clerk to notify the Senate of the action of the House.
action_date: 2024-07-11
text: On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
action_date: 2024-07-11
text: 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)
action_date: 2024-07-11
text: 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)
action_date: 2024-07-11
text: The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
action_date: 2024-07-10
text: 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.
action_date: 2024-07-10
text: The previous question was ordered without objection.
action_date: 2024-07-10
text: 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)
action_date: 2024-07-10
text: The Chair laid before the House the veto message from the President.
action_date: 2024-06-03
text: 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.
action_date: 2024-06-03
text: 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).
action_date: 2024-06-03
text: The Chair laid before the House the veto message from the President.
action_date: 2024-05-31
text: Vetoed by President.
action_date: 2024-05-31
text: Vetoed by President.
action_date: 2024-05-23
text: Presented to President.
action_date: 2024-05-23
text: Presented to President.
action_date: 2024-05-20
text: Message on Senate action sent to the House.
action_date: 2024-05-16
text: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
action_date: 2024-05-16
text: Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
action_date: 2024-05-16
text: Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
action_date: 2024-05-09
text: Received in the Senate.
action_date: 2024-05-08
text: Motion to reconsider laid on the table Agreed to without objection.
action_date: 2024-05-08
text: On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
action_date: 2024-05-08
text: Passed/agreed to in House: On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
action_date: 2024-05-08
text: Considered as unfinished business. (consideration: CR H2981-2982)
action_date: 2024-05-08
text: POSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 109, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
action_date: 2024-05-08
text: The previous question was ordered pursuant to the rule.
action_date: 2024-05-08
text: DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.
action_date: 2024-05-08
text: Rule provides for consideration of H.R. 6192, H.R. 7109, H.J. Res. 109 and H.R. 2925. The resolution provides for consideration of H.R. 6192 under a structured rule and H.R. 7109, H.J. Res. 109, and H.R. 2925 under a closed rule. Rule provides for one hour of general debate on H.R. 6192, H.R. 7109, and H.J. Res. 109, and thirty minutes of general debate on H.R. 2925. One motion to recommit allowed on each bill.
action_date: 2024-05-08
text: Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)
action_date: 2024-05-06
text: Rules Committee Resolution H. Res. 1194 Reported to House. Rule provides for consideration of H.R. 6192, H.R. 7109, H.J. Res. 109 and H.R. 2925. The resolution provides for consideration of H.R. 6192 under a structured rule and H.R. 7109, H.J. Res. 109, and H.R. 2925 under a closed rule. Rule provides for one hour of general debate on H.R. 6192, H.R. 7109, and H.J. Res. 109, and thirty minutes of general debate on H.R. 2925. One motion to recommit allowed on each bill.
action_date: 2024-05-01
text: Placed on the Union Calendar, Calendar No. 398.
action_date: 2024-05-01
text: Reported by the Committee on Financial Services. H. Rept. 118-480.
action_date: 2024-05-01
text: Reported by the Committee on Financial Services. H. Rept. 118-480.
action_date: 2024-02-29
text: Ordered to be Reported by the Yeas and Nays: 31 - 19.
action_date: 2024-02-29
text: Committee Consideration and Mark-up Session Held
action_date: 2024-02-01
text: Referred to the House Committee on Financial Services.
action_date: 2024-02-01
text: Introduced in House
action_date: 2024-02-01
text: Introduced in House