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 Feb 1
- Committee Feb 1
- Passed House May 8
- Passed Senate May 16
- To President May 23
- Law (vetoed) Not yet
Where it stands
Vetoed May 31, 2024Stopped unless Congress overrides the veto
839d ago Jul 11, 2024: The Chair directed the Clerk to notify the Senate of the action of the House.
Final votes
House 228-184
Senate 60-38
1st House 228-182
3 roll calls on this bill
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Votes
House roll 355
Passage, Objections of the President To The Contrary Notwithstanding
R 207-1 D 21-183
228-184
Failed
Senate roll 169
Passed Senate without amendment
Totals only
60-38
Passed
House roll 189
On Passage
R 207-0 D 21-182
228-182
Passed
Member trades
No member of Congress traded these companies within 90 days of a vote
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.
Full summary1 paragraphs
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.
Library of Congress summary, May 16, 2024
Summary versions
- Passed SenateMay 16, 2024
- Passed HouseMay 8, 2024
- Reported to HouseMay 1, 2024
- Introduced in HouseFeb 1, 2024
Actions
- HouseThe Chair directed the Clerk to notify the Senate of the action of the House.Jul 11, 2024
- HouseThe Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)Jul 11, 2024
- 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)Jul 11, 2024
- HouseOn 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)Jul 11, 2024
- HouseOn motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.Jul 11, 2024
- HousePOSTPONED 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.Jul 10, 2024
- HouseThe previous question was ordered without objection.Jul 10, 2024
- HouseDEBATE - 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)Jul 10, 2024
- HouseThe Chair laid before the House the veto message from the President.Jul 10, 2024
- HouseMr. 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.Jun 3, 2024
- HouseThe 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).Jun 3, 2024
- HouseThe Chair laid before the House the veto message from the President.Jun 3, 2024
All actions33
- HouseVetoed by President.May 31, 2024
- HousePresented to President.May 23, 2024
- SenateMessage on Senate action sent to the House.May 20, 2024
- SenateMeasure laid before Senate by unanimous consent. (consideration: CR S3741-3745)May 16, 2024
- SenatePassed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.May 16, 2024
- SenateReceived in the Senate.May 9, 2024
- HouseMotion to reconsider laid on the table Agreed to without objection.May 8, 2024
- HouseOn passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)May 8, 2024
- HouseConsidered as unfinished business. (consideration: CR H2981-2982)May 8, 2024
- HousePOSTPONED 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.May 8, 2024
- HouseThe previous question was ordered pursuant to the rule.May 8, 2024
- HouseDEBATE - The House proceeded with one hour of debate on H.J. Res. 109.May 8, 2024
- HouseRule 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.May 8, 2024
- HouseConsidered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)May 8, 2024
- HouseRules 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.May 6, 2024
- HouseReported by the Committee on Financial Services. H. Rept. 118-480.May 1, 2024
- HousePlaced on the Union Calendar, Calendar No. 398.May 1, 2024
- HouseCommittee Consideration and Mark-up Session HeldFeb 29, 2024
- HouseOrdered to be Reported by the Yeas and Nays: 31 - 19.Feb 29, 2024
- HouseIntroduced in HouseFeb 1, 2024
- HouseReferred to the House Committee on Financial Services.Feb 1, 2024
Bill record
Text versions5
- Received in SenateMay 9, 2024PDF: Received in Senate
- Engrossed in HouseMay 8, 2024PDF: Engrossed in House
- Reported in HouseMay 1, 2024PDF: Reported in House
- Introduced in HouseFeb 1, 2024PDF: Introduced in House
- Enrolled BillUndatedPDF: Enrolled Bill
Committees1
- House Financial Services CommitteeReported By May 1, 2024Markup By, Feb 29, 2024Referred To, Feb 1, 2024
Sponsor and cosponsors4 cosponsors
- Rep. Mike Flood (R-NE-1)Sponsor, Feb 1, 2024
- Wiley Nickel (D-NC-13)OriginalJoined Feb 1, 2024
- Darren Soto (D-FL-9)Joined Mar 5, 2024
- J. Hill (R-AR-2)Joined Mar 5, 2024
- Tom Emmer (R-MN-6)Joined Mar 5, 2024
Amendments0
No amendments offered
Cost estimates and reports1
- H. Rept. 118-480Committee report
Titles1
Official titles
- 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".Official Title as Introduced
Subjects5
Policy area
Legislative subjects
Administrative law and regulatory proceduresCongressional oversightCongressional-executive branch relationsSecurities and Exchange Commission (SEC)
Related bills2
- H.Res. 1194 118th, Related bill, Procedurally related 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.
- S.J.Res. 59 118th, Identical bill 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".
Official record from Congress.gov, the House Clerk and the Senate; lobbying from Lobbying Disclosure Act filings. Updated Oct 27, 2026.