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".
Latest action. The Chair directed the Clerk to notify the Senate of the action of the House.
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.
Written by analysts at the Congressional Research Service and published on Congress.gov, not by Civibrief. Summarized at the "Passed Senate" stage on May 16, 2024. It describes the bill, it is not the legal text.
The Chair directed the Clerk to notify the Senate of the action of the House.
Civibrief does not map this action to a stage in the process. See the official record.
Where is it in the process, and what happens next?
The latest action on file does not map to a stage Civibrief recognizes, so the page will not name one. The record's own words are the reliable fact here.
The record's latest action, on July 11, 2024: The Chair directed the Clerk to notify the Senate of the action of the House.
What is a joint resolution, exactly?
A joint resolution travels the same road as a bill: both chambers pass it and the President signs it, and it then has the same force as any other law. The label is largely a matter of custom, often used for narrow or time-limited measures.
One exception matters. A joint resolution proposing an amendment to the Constitution is not sent to the President at all. It goes to the states, and three quarters of them have to ratify it.
How likely is it to become law?
Civibrief does not forecast outcomes and this page has no opinion about this one. What the record supports is a base rate, which is a fact about the whole pile, not a prediction about this measure.
In the 118th Congress (2023-24), 274 of the 16,565 bills and joint resolutions introduced became law, about 1.7 percent. That count covers every measure at every stage, including the many that never left committee.
This one has no outstanding steps listed above.
Has anyone actually voted on it?
No. No roll call in this Congress cites this measure. That is the ordinary outcome: most measures never reach a recorded floor vote, and a committee ends most of them simply by not acting.
A vote is not the only thing that happens to a measure. Hearings, markups, and referrals are all recorded actions, and none of them is a vote of the full chamber.
Who is behind it?
Mike Flood (R-NE) introduced it on February 1, 2024, and 4 members have since signed on as cosponsors.
They come from both major parties: 2 Democrats, 2 Republicans.
Cosponsoring is a formal signature on the text. It is not a commitment to vote for the measure, it does not bind anyone's party, and a long list of cosponsors is a measure of attention rather than of prospects.
How long has it been in play?
It was introduced on February 1, 2024, 952 days ago. The most recent recorded action was 791 days ago, on July 11, 2024.
Measures do not carry over. Anything the 118th Congress has not finished by January 3, 2025 dies when the term ends, and has to be introduced again from the start in the next Congress.
Every answer above is assembled from this measure's own record on Congress.gov and from published counts of what Congress has passed before. Civibrief does not predict outcomes and takes no position on any measure.
Vote history
- HouseThe Chair directed the Clerk to notify the Senate of the action of the House.
- SenateNot stated in the latest action
- PresidentNot stated in the latest action