HJRES 92
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.
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Bill overview
This joint resolution seeks to prevent the Office of the Comptroller of the Currency (OCC) from implementing a specific rule regarding the review of applications for bank mergers under the Bank Merger Act. Congress is using the process of congressional disapproval, outlined in Title 5 of the United States Code, to effectively overturn the OCC’s rule. This action aims to limit the OCC’s authority in this area of banking regulation.
Key provisions
- Congress disapproves the OCC rule.
- The rule will have no legal force or effect.
- The resolution utilizes the congressional disapproval process.
- It specifically targets a rule concerning bank merger applications.
- It relates to the Bank Merger Act review process.
Who is affected
- The Office of the Comptroller of the Currency
- Banks seeking mergers
- The Department of the Treasury
- Financial institutions
Notable changes
- Limits the OCC’s authority over bank mergers.
- Overrides the OCC’s rule through congressional action.
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119th CONGRESS — 1st Session
H. J. RES. 92
IN THE HOUSE OF REPRESENTATIVES
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.
That Congress disapproves 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 (89 Fed. Reg. 78207 (September 25, 2024)), and such rule shall have no force or effect.