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".

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. 

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

1. 1 February 2024

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

2. 1 February 2024

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 February 2024

   Introduced

   Introduced in House

   Source: IntroReferral

4. 29 February 2024

   Vote

   Ordered to be Reported by the Yeas and Nays: 31 - 19.

   Source: Committee

5. 29 February 2024

   Committee

   Committee Consideration and Mark-up Session Held

   Source: Committee

6. 1 May 2024

   Calendars

   Placed on the Union Calendar, Calendar No. 398.

   Source: Calendars

7. 1 May 2024

   Reported

   Reported by the Committee on Financial Services. H. Rept. 118-480.

   Source: Committee

8. 1 May 2024

   Reported

   Reported by the Committee on Financial Services. H. Rept. 118-480.

   Source: Committee

9. 6 May 2024

   Reported

   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.

   Source: Floor

10. 8 May 2024

    Passed

    Motion to reconsider laid on the table Agreed to without objection.

    Source: Floor

11. 8 May 2024

    Vote

    On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)

    Source: Floor

12. 8 May 2024

    Vote

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)

    Source: Floor

13. 8 May 2024

    Floor

    Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)

    Source: Floor

14. 8 May 2024

    Floor

    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.

    Source: Floor

15. 8 May 2024

    Floor

    The previous question was ordered pursuant to the rule.

    Source: Floor

16. 9 May 2024

    Introduced

    Received in the Senate.

    Source: IntroReferral

17. 16 May 2024

    Floor

    Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)

    Source: Floor

18. 16 May 2024

    Vote

    Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.

    Source: Floor

19. 20 May 2024

    Floor

    Message on Senate action sent to the House.

    Source: Floor

20. 23 May 2024

    Floor

    Presented to President.

    Source: Floor

21. 23 May 2024

    President

    Presented to President.

    Source: President

22. 31 May 2024

    President

    Vetoed by President.

    Source: President

23. 31 May 2024

    President

    Vetoed by President.

    Source: President

24. 3 June 2024

    Passed

    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.

    Source: Floor

25. 3 June 2024

    Floor

    The Chair laid before the House the veto message from the President.

    Source: Floor

26. 10 July 2024

    Floor

    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)

    Source: Floor

27. 10 July 2024

    Floor

    The previous question was ordered without objection.

    Source: Floor

28. 10 July 2024

    Veto

    The Chair laid before the House the veto message from the President.

    Source: Veto

29. 11 July 2024

    Floor

    The Chair directed the Clerk to notify the Senate of the action of the House.

    Source: Floor

30. 11 July 2024

    Passed

    On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.

    Source: Veto

31. 11 July 2024

    Vote

    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)

    Source: Veto

32. 11 July 2024

    Vote

    Failed of passage in House over veto 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)

    Source: Veto

33. 11 July 2024

    President

    The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)

    Source: President

Votes

Versions

• Enrolled Bill · undated · Official file
• Received in Senate · 9 May 2024 · Official file
• Engrossed in House · 8 May 2024 · Official file
• Reported in House · 1 May 2024 · Official file
• Introduced in House · 1 February 2024 · Official file

Documents

14 official files

• Enrolled Bill (text)

  Enrolled Bill · EN

  ViewDownloadOpen at official source

• Enrolled Bill (PDF)

  Enrolled Bill · EN

  ViewDownloadOpen at official source

• Passed Senate

  summary · EN · 16 May 2024

  Open at official source

• Received in Senate (text)

  Received in Senate · EN · 9 May 2024

  ViewDownloadOpen at official source

• Received in Senate (PDF)

  Received in Senate · EN · 9 May 2024

  ViewDownloadOpen at official source

• Engrossed in House (text)

  Engrossed in House · EN · 8 May 2024

  ViewDownloadOpen at official source

• Engrossed in House (PDF)

  Engrossed in House · EN · 8 May 2024

  ViewDownloadOpen at official source

• Passed House

  summary · EN · 8 May 2024

  Open at official source

• Reported in House (text)

  Reported in House · EN · 1 May 2024

  ViewDownloadOpen at official source

• Reported in House (PDF)

  Reported in House · EN · 1 May 2024

  ViewDownloadOpen at official source

• Reported to House

  summary · EN · 1 May 2024

  Open at official source

• Introduced in House (text)

  Introduced in House · EN · 1 February 2024

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 1 February 2024

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 1 February 2024

  Open at official source

Sponsors

• Mike Flood · R · Sponsor
• Wiley Nickel · D · Sponsor
• Rep. Emmer, Tom [R-MN-6] · R · Cosponsor
• Rep. Soto, Darren [D-FL-9] · D · Cosponsor
• Rep. Hill, J. French [R-AR-2] · R · Cosponsor
• · hsba00 · Standing

Related records

• related to → 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".
• related to ← 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.