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118th Congress Finance and Financial Sector

H.J.Res. 109: Disapproval of Securities and Exchange Commission rule: Staff Accounting Bulletin No. 121

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".

VetoedMay 31, 2024

  1. Introduced (completed)Feb 1, 2024
  2. Passed House (completed)May 8, 2024, 228–182
  3. Passed Senate (completed)May 16, 2024, 60–38
  4. To the President (completed)May 23, 2024
  5. Vetoed (completed)May 31, 2024
  6. Overridden (not reached)
  7. Became law (not reached)

Summary

Passed Senate, May 16, 2024

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 the Congressional Research Service, Library of Congress.

Key votes

House veto override, Jul 11, 2024

Passage, Objections of the President To The Contrary Notwithstanding

Failed 228–184

Yea 228two-thirds 275Nay 184

  • Democrats21 yea, 183 nay
  • Republicans206 yea, 1 nay
  • Independents1 yea, 0 nay

Broke with their party: Shri Thanedar (D-MI), Ritchie Torres (D-NY), Elissa Slotkin (D-MI), Thomas Suozzi (D-NY), Darren Soto (D-FL), Eric Swalwell (D-CA), Chris Pappas (D-NH), Wiley Nickel (D-NC), Seth Moulton (D-MA) and Ro Khanna (D-CA) voted Yea; and 12 more

See how all 412 members voted

Showing 433 of 433 members

Yea 228

Republicans (206)

Independents (1)

Nay 184

Republicans (1) broke with their party

Democrats (183)

Not voting 21

Senate final vote, May 16, 2024

On the Joint Resolution

Passed 60–38

Yea 60majority 50Nay 38

  • Democrats11 yea, 35 nay
  • Republicans48 yea, 0 nay
  • Independents1 yea, 3 nay

Broke with their party: Ron Wyden (D-OR), Jon Tester (D-MT), Kyrsten Sinema (I-AZ), Charles Schumer (D-NY), Jacky Rosen (D-NV), Gary Peters (D-MI), Ben Luján (D-NM), Mark Kelly (D-AZ), John Hickenlooper (D-CO) and Kirsten Gillibrand (D-NY) voted Yea; and 2 more

See how all 98 members voted

Showing 100 of 100 members

Yea 60

Independents (1) broke with their party

Nay 38

Independents (3)

Not voting 2

Republicans (1)

Democrats (1)

Roll calls

3 votes on this bill

Showing 3 of 3 roll calls

  • Jul 11, 2024HousePassage, Objections of the President To The Contrary NotwithstandingFinal passageVeto overrideFailed, yea-nay 228–184
    Roll call 355 tally by party
    PartyYeaNayPresentNot voting
    Democrats2118309
    Republicans2061012
    Independents1000
    Total228184021

    House roll call 355: Passage, Objections of the President To The Contrary Notwithstanding. Failed.

    22 crossed party lines: 21 Democrats, 1 Republican

    How each member voted (433)
  • May 16, 2024SenateOn the Joint ResolutionFinal passagePassed, yea-nay 60–38
    Roll call 169 tally by party
    PartyYeaNayPresentNot voting
    Democrats113501
    Republicans48001
    Independents1300
    Total603802

    Senate roll call 169: On the Joint Resolution. Joint Resolution Passed.

    12 crossed party lines: 11 Democrats, 1 Independent

    How each member voted (100)
  • May 8, 2024HouseOn PassagePassed, yea-nay 228–182
    Roll call 189 tally by party
    PartyYeaNayPresentNot voting
    Democrats21182010
    Republicans206009
    Independents1000
    Total228182019

    House roll call 189: On Passage. Passed.

    21 crossed party lines: 21 Democrats

    How each member voted (429)

Amendments

0 offered

No amendments were offered to this bill.

Cosponsors

4

Bipartisan support.

Who scored on this bill

2,102 points earned
  1. 1Mike Flood R-NE SponsorDrew cross-party cosponsors, introduced, reported, passed House, passed Senate, vetoed; 1 veto override vote7 events+112
  2. 2Wiley Nickel D-NC2 maverick votes; 1 veto override vote; cosponsored; cosponsored bill passed5 events+20
  3. 2Darren Soto D-FL2 maverick votes; 1 veto override vote; cosponsored; cosponsored bill passed5 events+20
  4. 4Jake Auchincloss D-MA2 maverick votes; 1 veto override vote3 events+16
  5. 4Brendan Boyle D-PA2 maverick votes; 1 veto override vote3 events+16
See all scorers and every scoring event

Introductions and cosponsorships count toward weekly caps and show no points.

Other bills by Mike Flood

History

  1. May 31, 2024Vetoed by the President.
  2. May 23, 2024Presented to the President.
  3. May 16, 2024Passed the Senate, 60–38.
  4. May 8, 2024Passed the House, 228–182.
  5. Feb 1, 2024Introduced in the House by Mike Flood.
Show the full action history (35 actions)
  1. Jul 11, 2024The Chair announced the unfinished business to be the consideration of the veto. (consideration: CR H4610-4611)
  2. Jul 11, 2024Failed 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)
  3. Jul 11, 2024On 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)
  4. Jul 11, 2024On motion to refer the bill and the accompanying veto message to the Committee on Financial Services. Agreed to without objection.
  5. Jul 11, 2024The Chair directed the Clerk to notify the Senate of the action of the House.
  6. Jul 10, 2024The Chair laid before the House the veto message from the President.
  7. Jul 10, 2024DEBATE - 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)
  8. Jul 10, 2024The previous question was ordered without objection.
  9. Jul 10, 2024POSTPONED 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.
  10. Jun 3, 2024The Chair laid before the House the veto message from the President.
  11. Jun 3, 2024The 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).
  12. Jun 3, 2024Mr. 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.
  13. May 31, 2024Vetoed by President.
  14. May 23, 2024Presented to President.
  15. May 20, 2024Message on Senate action sent to the House.
  16. May 16, 2024Measure laid before Senate by unanimous consent. (consideration: CR S3741-3745)
  17. May 16, 2024Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
  18. May 16, 2024Passed Senate without amendment by Yea-Nay Vote. 60 - 38. Record Vote Number: 169.
  19. May 9, 2024Received in the Senate.
  20. May 8, 2024Considered under the provisions of rule H. Res. 1194. (consideration: CR H2950-2963)
  21. May 8, 2024Rule provides for consideration of H.R. 6192, H.R. 7109, H.J. Res. 109 and H.R. 2925. The resolution provides for consideration of H.R. 6192 under a structured rule and H.R. 7109, H.J. Res. 109, and H.R. 2925 under a closed rule. Rule provides for one hour of general debate on H.R. 6192, H.R. 7109, and H.J. Res. 109, and thirty minutes of general debate on H.R. 2925. One motion to recommit allowed on each bill.
  22. May 8, 2024DEBATE - The House proceeded with one hour of debate on H.J. Res. 109.
  23. May 8, 2024The previous question was ordered pursuant to the rule.
  24. May 8, 2024POSTPONED PROCEEDINGS - At the conclusion of debate on H.J. Res. 109, the Chair put the question on passage of the joint resolution and by voice vote announced that the ayes had prevailed. Mr. McHenry demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  25. May 8, 2024Considered as unfinished business. (consideration: CR H2981-2982)
  26. May 8, 2024Passed/agreed to in House: On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
  27. May 8, 2024On passage Passed by the Yeas and Nays: 228 - 182 (Roll no. 189). (text: CR H2950)
  28. May 8, 2024Motion to reconsider laid on the table Agreed to without objection.
  29. May 6, 2024Rules Committee Resolution H. Res. 1194 Reported to House. Rule provides for consideration of H.R. 6192, H.R. 7109, H.J. Res. 109 and H.R. 2925. The resolution provides for consideration of H.R. 6192 under a structured rule and H.R. 7109, H.J. Res. 109, and H.R. 2925 under a closed rule. Rule provides for one hour of general debate on H.R. 6192, H.R. 7109, and H.J. Res. 109, and thirty minutes of general debate on H.R. 2925. One motion to recommit allowed on each bill.
  30. May 1, 2024Reported by the Committee on Financial Services. H. Rept. 118-480.
  31. May 1, 2024Placed on the Union Calendar, Calendar No. 398.
  32. Feb 29, 2024Committee Consideration and Mark-up Session Held
  33. Feb 29, 2024Ordered to be Reported by the Yeas and Nays: 31 - 19.
  34. Feb 1, 2024Introduced in House
  35. Feb 1, 2024Referred to the House Committee on Financial Services.