H.J.Res. 109 · 118th Congress · House

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".

Enacted· The Chair directed the Clerk to notify the Senate of the action of the House.
Introduced
Feb 1, 24
Passed House
May 8, 24
Passed Senate
May 16, 24
Sent to President
May 23, 24
Signed into Law
May 31, 24

Executive 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.

Previous Versions

53May 8, 2024

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.

07May 1, 2024

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.

00Feb 1, 2024

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. 

Action Timeline

39
  1. JUL 11, 2024President

    The Chair announced the unfinished business to be the consideration of the veto

    (consideration: CR H4610-4611)

    4610Yea
    4611Nay
    0NV
  2. JUL 11, 2024Veto

    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)

    Roll Call #355
    228Yea
    184Nay
    0NV
  3. JUL 11, 2024Veto

    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)

    Roll Call #355
    228Yea
    184Nay
    0NV
  4. JUL 11, 2024Veto

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

  5. JUL 11, 2024Floor

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

  6. JUL 10, 2024Veto

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

  7. JUL 10, 2024Floor

    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)

    4543Yea
    4547Nay
    0NV
  8. JUL 10, 2024Floor

    The previous question was ordered without objection.

  9. JUL 10, 2024Floor

    POSTPONED 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.

  10. JUN 03, 2024Floor

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

  11. JUN 03, 2024Floor

    The 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).

    118Yea
    145Nay
    0NV
  12. JUN 03, 2024Floor

    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.

  13. MAY 31, 2024President

    Vetoed by President.

  14. MAY 31, 2024President

    Vetoed by President.

  15. MAY 23, 2024President

    Presented to President.

  16. MAY 23, 2024Floor

    Presented to President.

  17. MAY 20, 2024Floor

    Message on Senate action sent to the House.

  18. MAY 16, 2024Floor

    Measure laid before Senate by unanimous consent

    (consideration: CR S3741-3745)

    3741Yea
    3745Nay
    0NV
  19. MAY 16, 2024Floor

    Passed/agreed to in Senate

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

    60Yea
    38Nay
    0NV
  20. MAY 16, 2024Floor

    Passed Senate without amendment by Yea-Nay Vote

    60 - 38. Record Vote Number: 169.

    60Yea
    38Nay
    0NV
  21. MAY 09, 2024IntroReferral

    Received in the Senate.

  22. MAY 08, 2024Floor

    Considered under the provisions of rule H

    Res. 1194. (consideration: CR H2950-2963)

    2950Yea
    2963Nay
    0NV
  23. MAY 08, 2024Floor

    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.

  24. MAY 08, 2024Floor

    DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.

  25. MAY 08, 2024Floor

    The previous question was ordered pursuant to the rule.

  26. MAY 08, 2024Floor

    POSTPONED 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.

  27. MAY 08, 2024Floor

    Considered as unfinished business

    (consideration: CR H2981-2982)

    2981Yea
    2982Nay
    0NV
  28. MAY 08, 2024Floor

    Passed/agreed to in House

    Roll Call #189

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

    228Yea
    182Nay
    0NV
  29. MAY 08, 2024Floor

    On passage Passed by the Yeas and Nays

    Roll Call #189

    228 - 182 (Roll no. 189). (text: CR H2950)

    228Yea
    182Nay
    0NV
  30. MAY 08, 2024Floor

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

  31. MAY 06, 2024Floor

    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.

  32. MAY 01, 2024Committee

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

    118Yea
    480Nay
    0NV
  33. MAY 01, 2024Committee

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

    118Yea
    480Nay
    0NV
  34. MAY 01, 2024Calendars

    Placed on the Union Calendar, Calendar No. 398.

  35. FEB 29, 2024Committee

    Committee Consideration and Mark-up Session Held

  36. FEB 29, 2024Committee

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

    31Yea
    19Nay
    0NV
  37. FEB 01, 2024IntroReferral

    Introduced in House

  38. FEB 01, 2024IntroReferral

    Introduced in House

  39. FEB 01, 2024IntroReferral

    Referred to the House Committee on Financial Services.

Committees

4

Financial Services Committee

hsba00

Referred: Jul 11, 2024

Active

Financial Services Committee

hsba00

Referred: May 1, 2024

Active

Financial Services Committee

hsba00

Referred: Feb 29, 2024

Active

Financial Services Committee

hsba00

Referred: Feb 1, 2024

Active