Us Congress Senate Bill SJR59

Us Congress 2023-2024 Regular Session

• Introduced: 2/1/24
• Refer: 2/1/24

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 "Staff Accounting Bulletin No. 121".

Impact

If passed, SJR59 would effectively nullify the SEC's Staff Accounting Bulletin No. 121, which addresses specific accounting practices related to financial reporting. This could significantly influence how companies report their financial conditions, particularly in areas that the bulletin governs. The disapproval could lead to a re-evaluation of accounting practices and establish precedent for congressional oversight on similar regulatory decisions by the SEC in the future.

Summary

SJR59 is a joint resolution introduced in the Senate, which seeks to disapprove a rule put forth by the Securities and Exchange Commission (SEC) relating to the Staff Accounting Bulletin No. 121. This resolution utilizes the authority granted under chapter 8 of title 5 of the United States Code, allowing Congress to reject certain regulatory decisions made by federal agencies. The joint resolution asserts that the SEC's bulletin should have no force or effect, indicating strong congressional intent to challenge the agency's regulatory authority on this matter.

Contention

The introduction of SJR59 may provoke debate over the appropriate balance of power between Congress and the SEC. Proponents of the resolution likely argue that the bulletin imposes undue burdens on businesses or could lead to unintended consequences in financial reporting. Conversely, opponents may contend that disapproving the SEC's regulation undermines the agency's role in ensuring transparency and accuracy in financial reports, which are crucial for maintaining investor confidence and market stability.