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Main Subject: Finance and financial sector

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.

SJRES59-118, HRES1194-118,

House floor actions Actions

Floor
Jul. 11 2024	The Chair directed the Clerk to notify the Senate of the action of the House.
Jul. 10 2024	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. The previous question was ordered without objection. 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)
Jun. 03 2024	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. 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). The Chair laid before the House the veto message from the President.
May. 23 2024	Presented to President.

Veto
Jul. 11 2024	On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection. 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. 10 2024	The Chair laid before the House the veto message from the President.

President
Jul. 11 2024	The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
May. 31 2024	Vetoed by President.

Library of Congress Actions

Veto
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)

President
May. 31 2024	Vetoed by President.
May. 23 2024	Presented to President.

Floor
May. 16 2024	Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.

Senate Actions

Floor
May. 20 2024	Message on Senate action sent to the House.
May. 16 2024	Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169. Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)

House bill HJRES109-118

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 bill HJRES109-118

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".

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