S.J.Res.13 — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
House Roll Call
S.J.Res.13
| Bill | S.J.Res.13 — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act. |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 220 / Nay 207 / Present 0 / Not Voting 6 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 219 | 0 | 0 | 1 |
| D | 1 | 207 | 0 | 5 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
SJRES 13, enacted as Public Law No: 119-19, is a joint resolution that disapproves a specific rule established by the Office of the Comptroller of the Currency (OCC) within the Department of the Treasury. This rule pertains to the review process for applications submitted under the Bank Merger Act, which governs the consolidation of banking institutions.
The resolution utilizes the Congressional Review Act (CRA), which allows Congress to overturn federal regulations. By disapproving the OCC’s rule, the resolution effectively nullifies the agency’s approach to evaluating bank merger applications. This action signifies a shift in regulatory oversight, potentially impacting how future bank mergers are assessed and approved.
The primary agencies affected by this resolution are the OCC and, indirectly, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), which also play roles in the bank merger approval process. The resolution aims to ensure that bank mergers undergo a more rigorous scrutiny process, reflecting concerns about market concentration and the stability of the banking sector.
Beneficiaries of this resolution include smaller banks and community financial institutions that may face increased competition from larger merged entities. Additionally, consumer advocacy groups may find the disapproval favorable, as it aligns with efforts to maintain a diverse banking landscape and protect consumer interests.
Key timelines associated with SJRES 13 include its introduction in Congress, the subsequent debates and votes leading to its passage, and its final enactment into law. The resolution was passed by both chambers of Congress and signed into law, marking a significant legislative action regarding bank merger regulations. This law underscores the ongoing discussions about the balance between regulatory oversight and the facilitation of banking sector consolidation.
Yea (220)
K
Ken Calvert
S
Scott Franklin
M
Mark Green
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
Nay (207)
J
Jason Crow
L
Lloyd Doggett
J
John Garamendi
J
John Mannion
L
Lucy McBath
E
Eric Swalwell
R
Rashida Tlaib
N
Nydia Velázquez
D
Debbie Wasserman Schultz
