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".
United States118th CongressHJRES-109House of Representatives
Updated: Jul 11, 2024
Summary
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.
Bill texts
Timeline
On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
House of Representatives
The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
House of Representatives
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)
House of Representatives
View voteThe Chair directed the Clerk to notify the Senate of the action of the House.
House of Representatives