Us Congress Senate Bill SJR50

Us Congress 2023-2024 Regular Session

• Introduced: 11/9/23
• Refer: 11/9/23

Caption

A joint resolution 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 "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure".

Impact

If enacted, SJR50 would prevent the implementation of the SEC's recent regulations on cybersecurity risk management, which many in Congress believe could impose undue burdens on businesses. By disapproving of the SEC rule, the joint resolution positions Congress as a key player in shaping the landscape of regulations that dictate how companies manage cybersecurity risks, governance policies, and incident disclosures. This could lead to significant shifts in how financial institutions and other entities handle cybersecurity-related issues.

Summary

SJR50 is a joint resolution introduced in the Senate that aims to disapprove a rule submitted by the Securities and Exchange Commission (SEC) regarding 'Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure'. This resolution invokes congressional disapproval under chapter 8 of title 5, United States Code, effectively nullifying the SEC's rule concerning cybersecurity practices that financial institutions are expected to follow. The bill underscores the legislative push against perceived regulatory overreach by federal agencies.

Contention

Debate surrounding SJR50 reflects a critical tension between regulatory enforcement and deregulatory efforts. Proponents argue that the SEC's cybersecurity rule represents unwarranted intervention that could complicate compliance and operational processes for companies. Critics, however, may contend that disallowing these regulations could jeopardize investor protection and the integrity of financial markets, arguing for the necessity of comprehensive cybersecurity practices in an increasingly digital economy.