A 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".

Bill: 118-sjres-59
Sponsor: full_name: Sen. Lummis, Cynthia M. [R-WY]
Introduced: 2024-02-01
Policy area: Finance and Financial Sector
Subjects: Administrative law and regulatory procedures

Congressional oversight

Congressional-executive branch relations

Securities and Exchange Commission (SEC)
Latest action: action_date: 2024-02-01
text: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2024-02-01
action_desc: Introduced in Senate
text: <p>This joint resolution nullifies the rule issued by the Securities and Exchange Commission on March 31, 2022, titled <em>Staff Accounting Bulletin No. 121</em>. This bulletin provides accounting and disclosure guidance for entities related to their obligations to safeguard cryptoassets held for users of its platform.</p><p>A letter of opinion from the Government Accountability Office dated October 31, 2023, titled&nbsp;<em>Securities and Exchange Commission—Applicability of the Congressional Review Act to Staff Accounting Bulletin No. 121</em> concluded that this bulletin is a rule for purposes of the Congressional Review Act.</p><!--tinycomments|2.1|data:application/json;base64,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-->

tv_txt: IIA 118th CONGRESS 2d Session S. J. RES. 59 IN THE SENATE OF THE UNITED STATES February 1, 2024 Ms. Lummis introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs 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 .

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.