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: full_name: Rep. Flood, Mike [R-NE-1]
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: 2024-07-11
text: The Chair directed the Clerk to notify the Senate of the action of the House.

Summaries:
action_date: 2024-02-01
action_desc: Introduced in House
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.&nbsp;</p><!--tinycomments|2.1|data:application/json;base64,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-->

action_date: 2024-05-01
action_desc: Reported to House
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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-->

action_date: 2024-05-08
action_desc: Passed House
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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-->

action_date: 2024-05-16
action_desc: Passed 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: III 118th CONGRESS 2d Session H. J. RES. 109 IN THE SENATE OF THE UNITED STATES May 9, 2024 Received 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.

Passed the House of Representatives May 8, 2024. Kevin F. McCumber, Clerk.

tv_txt: IB One Hundred Eighteenth Congress of the United States of America At the Second Session Begun and held at the City of Washington on Wednesday, the third day of January, two thousand and twenty-four H. J. RES. 109 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.

Speaker of the House of Representatives. Vice President of the United States and President of the Senate.

tv_txt: IB 118th CONGRESS 2d Session H. J. RES. 109 IN THE HOUSE OF REPRESENTATIVES 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.

Passed the House of Representatives May 8, 2024. Cheryl L. Johnson, Clerk.

tv_txt: IB Union Calendar No. 398 118th CONGRESS 2d Session H. J. RES. 109 [Report No. 118–480] 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 May 1, 2024 Additional sponsors: Mr. Emmer , Mr. Soto , and Mr. Hill May 1, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed 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.

May 1, 2024 Committed to the Committee of the Whole House on the State of the Union and ordered to be printed

tv_txt: IA 118th CONGRESS 2d Session H. J. RES. 109 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 .

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.