H.J.Res. 109 · 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".
What it does
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.
Summary by the Congressional Research Service, May 16, 2024 (Passed Senate). CRS summarizes bills impartially; it does not take positions.
Roll call votes
| Date | Question | Party split (yea) | Result |
|---|---|---|---|
| May 8, 2024 House roll 907 |
On PassageProviding 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” | D 21–182 · R 207–0 |
Passed 228–182 |
| May 16, 2024 Senate roll 521 |
On the Joint ResolutionA 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". | D 11–36 · R 48–0 · I 1–2 |
Passed 60–38 |
| Jul 11, 2024 House roll 1073 |
Passage, Objections of the President To The Contrary NotwithstandingProviding 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” | D 21–183 · R 207–1 |
Failed 228–184 |
Latest action
Jul 11, 2024 · The Chair directed the Clerk to notify the Senate of the action of the House.