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Home > Legislation > 118th Congress > H.J.Res.109

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". 118th Congress (2023-2024) |

Joint Resolution

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Sponsor: Rep. Flood, Mike [R-NE-1] (Introduced 02/01/2024)
Committees: House - Financial Services
Committee Meetings: 02/29/24 10:00AM
Committee Reports: H. Rept. 118-480
Latest Action: House - 06/03/2024 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.  (All Actions)
Roll Call Votes: There have been 2 roll call votes
Tracker: Tip

This bill has the status Vetoed by President

Here are the steps for Status of Legislation:

  1. Introduced
  2. Passed House
  3. Passed Senate
  4. To President
  5. Vetoed by President

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Summary: H.J.Res.109 — 118th Congress (2023-2024) All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate (05/16/2024)

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.