SJRES 147
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Statement of Policy Regarding Prohibition on Abusive Acts or Practices".
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Bill overview
This joint resolution aims to overturn a rule issued by the Bureau of Consumer Financial Protection. The rule involved the withdrawal of a statement of policy prohibiting abusive acts or practices. Congress is using the process of congressional disapproval to effectively nullify this rule and prevent it from being implemented.
Key provisions
- Congress disapproves of the Bureau of Consumer Financial Protection’s rule.
- The rule regarding the withdrawal of the ‘Statement of Policy Regarding Prohibition on Abusive Acts or Practices’ is invalidated.
- The disapproved rule will have no legal force or effect.
- This action utilizes the congressional disapproval process under Title 5 of the United States Code.
Who is affected
- Bureau of Consumer Financial Protection
- Consumers
- Financial Institutions
Notable changes
- This resolution seeks to reverse a specific rule issued by the Bureau of Consumer Financial Protection.
- It establishes a mechanism for Congress to challenge agency actions.
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119th CONGRESS — 2d Session
S. J. RES. 147
IN THE SENATE OF THE UNITED STATES
JOINT RESOLUTION
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Statement of Policy Regarding Prohibition on Abusive Acts or Practices
.
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to Statement of Policy Regarding Prohibition on Abusive Acts or Practices (88 Fed. Reg. 21883 (April 12, 2023))
(90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect.