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".
USA118th CongressHJRES-109| House
| Updated: 7/11/2024
Mike Flood
Republican Representative
Nebraska
Cosponsors (4)
Financial Services Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported by the Yeas and Nays: 31 - 19.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 398.
Reported by the Committee on Financial Services. H. Rept. 118-480.
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.
Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)
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.
DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.
The previous question was ordered pursuant to the rule.
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.
Considered as unfinished business. (consideration: CR H2981-2982)
On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
View VoteMeasure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
Message on Senate action sent to the House.
Presented to 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.
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.
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)
View VoteOn motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
The Chair directed the Clerk to notify the Senate of the action of the House.
Finance and Financial Sector
Administrative law and regulatory proceduresCongressional-executive branch relationsCongressional oversightSecurities and Exchange Commission (SEC)
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".
USA118th CongressHJRES-109| House
| Updated: 7/11/2024
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.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Ordered to be Reported by the Yeas and Nays: 31 - 19.
Committee Consideration and Mark-up Session Held
Placed on the Union Calendar, Calendar No. 398.
Reported by the Committee on Financial Services. H. Rept. 118-480.
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.
Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)
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.
DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.
The previous question was ordered pursuant to the rule.
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.
Considered as unfinished business. (consideration: CR H2981-2982)
On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate.
Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
View VoteMeasure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
Message on Senate action sent to the House.
Presented to 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.
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.
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)
View VoteOn motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
The Chair directed the Clerk to notify the Senate of the action of the House.
Mike Flood
Republican Representative
Nebraska
Cosponsors (4)
Financial Services Committee
Finance and Financial Sector
Related Bills
- HRES 118-1194: Providing for consideration of the bill (H.R. 6192) to amend the Energy Policy and Conservation Act to prohibit the Secretary of Energy from prescribing any new or amended energy conservation standard for a product that is not technologically feasible and economically justified, and for other purposes; providing for consideration of the bill (H.R. 7109) to require a citizenship question on the decennial census, to require reporting on certain census statistics, and to modify apportionment of Representatives to be based on United States citizens instead of all persons; providing for consideration of the joint resolution (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"; and providing for consideration of the bill (H.R. 2925) to amend the Omnibus Budget Reconciliation Act of 1993 to provide for security of tenure for use of mining claims for ancillary activities, and for other purposes.
- SJRES 118-59: 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".
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresCongressional-executive branch relationsCongressional oversightSecurities and Exchange Commission (SEC)