S.J.Res.28 — A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".
House Roll Call
S.J.Res.28
| Bill | S.J.Res.28 — A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications". |
|---|---|
| Vote question | On Passage |
| Vote type | Yea-and-Nay |
| Result | Passed |
| Totals | Yea 219 / Nay 211 / Present 0 / Not Voting 3 |
| Party | Yea | Nay | Present | Not Voting |
|---|---|---|---|---|
| R | 219 | 0 | 0 | 1 |
| D | 0 | 211 | 0 | 2 |
| I | 0 | 0 | 0 | 0 |
Research Brief
On Passage
Bill Analysis
SJRES 28, also known as Public Law No: 119-11, is a joint resolution enacted by the 119th Congress that disapproves a rule proposed by the Bureau of Consumer Financial Protection (CFPB). The rule in question aimed to define “larger participants” in the market for general-use digital consumer payment applications, which are platforms that facilitate digital transactions for consumers.
The resolution effectively nullifies the CFPB’s rule, preventing the agency from implementing its proposed criteria for identifying larger participants in this sector. By disapproving the rule, SJRES 28 limits the CFPB’s regulatory authority over certain digital payment applications, which could have included a range of financial technology companies that provide services such as mobile wallets, peer-to-peer payment systems, and other digital payment solutions.
The primary beneficiaries of this disapproval are the digital payment application providers that would have been classified as larger participants under the CFPB’s original rule. By avoiding the regulatory scrutiny and compliance obligations that would have accompanied this classification, these companies may experience reduced operational costs and increased flexibility in their business operations.
The resolution was introduced and passed through both chambers of Congress, reflecting a legislative effort to curtail the CFPB’s regulatory reach in the rapidly evolving digital payment landscape. The timeline of the resolution’s passage was expedited, culminating in its enactment as law, which signifies a broader trend of legislative oversight over regulatory agencies.
In summary, SJRES 28 disapproves a CFPB rule aimed at regulating larger digital payment application providers, thereby limiting regulatory oversight and benefiting the affected companies by reducing compliance burdens. The enactment of this resolution underscores the ongoing debate over the appropriate level of regulation in the fintech sector.
Yea (219)
K
Ken Calvert
S
Scott Franklin
M
Mark Green
L
Lisa McClain
J
John Rutherford
D
David Schweikert
P
Pete Sessions
Nay (211)
G
Gerald Connolly
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
