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".
House Roll Call
H.J.Res.109
| Bill | 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". |
|---|---|
| Vote question | Passage, Objections of the President To The Contrary Notwithstanding |
| Vote type | 2/3 Yea-And-Nay |
| Result | Failed |
| Totals | Yea 228 / Nay 184 / Present 0 / Not Voting 21 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 207 | 1 | 0 | 12 |
| D | 21 | 183 | 0 | 9 |
| I | 0 | 0 | 0 | 0 |
Research Brief
Passage, Objections of the President To The Contrary Notwithstanding
Bill Analysis
HJRES 109 is a joint resolution introduced in the 118th Congress aimed at disapproving a specific rule issued by the Securities and Exchange Commission (SEC) concerning “Staff Accounting Bulletin No. 121” (SAB 121). This bulletin provides guidance on the accounting treatment for certain digital assets held by investment companies and other entities regulated by the SEC.
The resolution invokes the Congressional Review Act (CRA), which allows Congress to overturn federal regulations. If enacted, HJRES 109 would nullify the SEC’s rule, effectively preventing its implementation and enforcement. The resolution does not provide direct funding but serves as a mechanism for Congress to exercise oversight over agency regulations.
The primary agency affected by this resolution is the SEC, which oversees securities markets and protects investors. The disapproval of SAB 121 may impact investment companies and other financial entities that rely on the guidance provided in the bulletin for accounting practices related to digital assets. By disapproving the rule, Congress aims to influence how these entities report their financials, potentially affecting their operational transparency and compliance with federal regulations.
Beneficiaries of this resolution may include financial institutions and investment firms that oppose the SEC’s guidance, arguing it could impose undue burdens or limit their operational flexibility regarding digital assets. Conversely, the resolution could be seen as a setback for investors seeking clarity and protection in the evolving digital asset landscape.
The latest action on HJRES 109 indicates that the House has passed the resolution, and the Chair has directed the Clerk to notify the Senate. The timeline for further consideration in the Senate remains uncertain, but the resolution must be acted upon within a specific timeframe to be effective under the CRA provisions.
Yea (228)
D
Dan Bishop
L
Larry Bucshon
M
Michael Burgess
K
Ken Calvert
Y
Yadira Caraveo
J
Jerry Carl
L
Lori Chavez-DeRemer
A
Anthony D'Esposito
J
John Duarte
J
Jeff Duncan
S
Scott Franklin
M
Matt Gaetz
R
Ruben Gallego
M
Mike Garcia
B
Bob Good
G
Garret Graves
M
Mark Green
D
Doug Lamborn
D
Debbie Lesko
G
Greg Lopez
B
Blaine Luetkemeyer
L
Lisa McClain
M
Marcus Molinaro
A
Alexander Mooney
W
Wiley Nickel
G
Greg Pence
B
Bill Posey
C
Cathy Rodgers
M
Matthew Rosendale
J
John Rutherford
D
David Schweikert
P
Pete Sessions
M
Michelle Steel
E
Eric Swalwell
M
Michael Waltz
B
Brad Wenstrup
B
Brandon Williams
Nay (184)
C
Colin Allred
E
Earl Blumenauer
J
Jamaal Bowman
C
Cori Bush
T
Tony Cárdenas
M
Matt Cartwright
G
Gerald Connolly
J
Jason Crow
L
Lloyd Doggett
A
Anna Eshoo
A
A. Ferguson
J
Jeff Jackson
D
Derek Kilmer
A
Ann Kuster
B
Barbara Lee
K
Kathy Manning
L
Lucy McBath
G
Grace Napolitano
B
Bill Pascrell
D
Dean Phillips
K
Katie Porter
C
C. Ruppersberger
J
John Sarbanes
A
Abigail Spanberger
R
Rashida Tlaib
D
David Trone
N
Nydia Velázquez
D
Debbie Wasserman Schultz
J
Jennifer Wexton
S
Susan Wild
Not Voting (21)
K
Kelly Armstrong
J
John Garamendi
K
Kay Granger
R
Raúl Grijalva
S
Sheila Jackson Lee
D
Daniel Kildee
J
Jake LaTurner
P
Patrick McHenry
M
Mary Peltola
