SJRES 59
118th Congress
Senate
Finance and Financial Sector
Administrative law and regulatory procedures
Congressional oversight
Congressional-executive branch relations
Securities and Exchange Commission (SEC)
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: February 1, 2024
Introduced by:
Lummis, Cynthia M.
Republican
· Wyoming
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 1, 2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Feb 1, 2024
Introduced in Senate
Plain-English 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.
What's happening now
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committees of jurisdiction
1