Senate Joint Resolution 59
118th Congress(2023-2024)
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
Introduced in Senate on Feb 1, 2024
Origin Chamber
Senate
Type
Joint Resolution
Joint Resolution
A form of legislative measure used to propose changes in law, or to propose an amendment to the U.S. Constitution. Depending on the chamber of origin, they begin with a designation of either H.J.Res. or S.J.Res. Concurrent resolutions and simple resolutions are other types of resolutions. Bill is another form of legislative measure used to propose law.
Bill Number
59
Congress
118
Policy Area
Finance and Financial Sector
Finance and Financial Sector
Primary focus of measure is U.S. banking and financial institutions regulation; consumer credit; bankruptcy and debt collection; financial services and investments; insurance; securities; real estate transactions; currency. Measures concerning financial crimes may fall under Crime and Law Enforcement. Measures concerning business and corporate finance may fall under Commerce policy area. Measures concerning international banking may fall under Foreign Trade and International Finance policy area.
No Senate votes have been held for this bill.
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.
February 1, 2024
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02/01/2024
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
02/01/2024
Introduced in Senate
Public Record
Record Updated
Sep 24, 2024 3:25:27 PM