Us Congress House Bill HJR185

Us Congress 2023-2024 Regular Session

• Introduced: 7/11/24
• Refer: 7/11/24

Caption

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 "Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information".

Impact

The rejection of the SEC's rule through HJR185 is expected to have significant implications for consumer financial privacy at a federal level. By disapproving this regulation, Congress aims to limit the reach of government control over financial institutions in terms of how they handle private consumer information. This could lead to a compromise in the level of protection consumers have over their financial data, as current practices may not enforce the same rigorous safeguarding protocols proposed under the SEC's rule.

Summary

HJR185 is a joint resolution proposing congressional disapproval of a rule from the Securities and Exchange Commission (SEC) related to 'Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information'. This rule aimed to enhance privacy protections surrounding consumer financial data, establishing mandates for the safeguarding of such information by financial institutions. With the passage of HJR185, Congress seeks to invalidate the rule, effectively preventing its implementation and thereby maintaining the current regulatory status quo regarding consumer financial privacy.

Contention

The bill has faced opposition from those who argue that it undermines consumer protections. Advocates of the SEC rule contend that increased regulations are essential to protect consumers' private financial information from breaches and abuse. The assertion is that by disallowing the implementation of this rule, HJR185 may contribute to a more vulnerable financial landscape for consumers, potentially enabling mishandling of sensitive information by financial entities.