Bills · 118th Congress · Finance and Financial Sector

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".

Where it stands

  1. Introduced2/1/24
  2. Passed HousePassed 5/8/24
  3. SenatePassed 5/16/24
  4. PresidentVetoed 5/31/24
  5. Law

Passed the House 228–182 on May 8, 2024 (Roll Call 189 →). Passed the Senate 60–38 on May 16, 2024 (Roll Call 169 →). Vetoed by the President on May 31, 2024. The House vote to override the veto failed on July 11, 2024.

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Roll calls on this bill

Votes on passage
HousePassage, Objections of the President To The Contrary Notwithstanding · 7/11/24Veto overrideA vote to make a bill law despite the president's veto. It takes a two-thirds vote in both the House and the Senate.Senate glossary: veto override ↗
Failed
  • Democratic21 Yea · 183 Nay · 9 Not voting
  • Republican207 Yea · 1 Nay · 12 Not voting
  • Independent / Other0 Yea · 0 Nay · 0 Not voting
SenateOn the Joint Resolution · 5/16/24Joint resolutionA vote to pass a joint resolution. Like a bill, it becomes law once both chambers pass it and the president signs it — except a proposed constitutional amendment, which needs two-thirds of each chamber and ratification by three-quarters of the states.Senate glossary: joint resolution ↗
Joint Resolution Passed
  • Democratic11 Yea · 36 Nay · 1 Not voting
  • Republican48 Yea · 0 Nay · 1 Not voting
  • Independent / Other1 Yea · 2 Nay · 0 Not voting
Official summary (CRS)

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.

Full text on congress.gov ↗
Sponsor
Rep. Mike Flood ( Republican · NE-1)
Cosponsors
4
Introduced
2/1/24
Policy area
Finance and Financial Sector

What happens next

Overriding the veto takes a two-thirds vote in both the House and the Senate.

If it isn't enacted by Jan 3, 2025, it expires when the 118th Congress ends.

All actions (35)
  1. 2/1/24Introduced in House
  2. 2/1/24Referred to the House Committee on Financial Services.
  3. 2/29/24Committee Consideration and Mark-up Session Held
  4. 2/29/24Ordered to be Reported by the Yeas and Nays: 31 - 19.
  5. 5/1/24Reported by the Committee on Financial Services. H. Rept. 118-480.
  6. 5/1/24Placed on the Union Calendar, Calendar No. 398.
  7. 5/6/24Rules 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.
  8. 5/8/24Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)
  9. 5/8/24Rule 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.
  10. 5/8/24DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.
  11. 5/8/24The previous question was ordered pursuant to the rule.
  12. 5/8/24POSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 109, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  13. 5/8/24Considered as unfinished business. (consideration: CR H2981-2982)
  14. 5/8/24Passed/agreed to in House: On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
  15. 5/8/24On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
  16. 5/8/24Motion to reconsider laid on the table Agreed to without objection.
  17. 5/9/24Received in the Senate.
  18. 5/16/24Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
  19. 5/16/24Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
  20. 5/16/24Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
  21. 5/20/24Message on Senate action sent to the House.
  22. 5/23/24Presented to President.
  23. 5/31/24Vetoed by President.
  24. 6/3/24The Chair laid before the House the veto message from the President.
  25. 6/3/24The Chair announced that the objections of the President to H.J. Res. 109 would be spread at large upon the Journal, and the veto message would be printed as a House Document (118-145).
  26. 6/3/24Mr. 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.
  27. 7/10/24The Chair laid before the House the veto message from the President.
  28. 7/10/24DEBATE - 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)
  29. 7/10/24The previous question was ordered without objection.
  30. 7/10/24POSTPONED PROCEEDINGS - At the conclusion of debate on the veto message of the President to H.J. Res. 109, the Chair put the question on will the House, on reconsideration, pass H.J. Res. 109, the objections of the President to the contrary notwithstanding. Under the Constitution, the vote must be taken by the yeas and nays. Further proceedings were postponed until a time to be announced.
  31. 7/11/24The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
  32. 7/11/24Failed 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)
  33. 7/11/24On 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)
  34. 7/11/24On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
  35. 7/11/24The Chair directed the Clerk to notify the Senate of the action of the House.