Us Congress House Bill HJR140

Us Congress 2023-2024 Regular Session

• Introduced: 5/15/24
• Refer: 5/15/24

Caption

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Amendment to Prohibited Transaction Exemption 2020-02".

Impact

The passage of HJR140 would directly impact the regulatory framework surrounding prohibited transactions under the jurisdiction of the Department of Labor. By nullifying the regulation associated with Prohibited Transaction Exemption 2020-02, HJR140 could alter the landscape for financial institutions and entities that engage in transactions previously allowed under the exemption. This change may particularly affect those entities that rely on such exemptions to conduct business without facing potential legal penalties or restrictions.

Summary

House Joint Resolution 140, also known as HJR140, is a legislative measure aimed at providing congressional disapproval of a specific rule submitted by the Department of Labor. The rule in question pertains to the 'Amendment to Prohibited Transaction Exemption 2020-02', which was published in the Federal Register. This resolution seeks to overturn the applicability of this rule, thereby ensuring it has no legal force or effect. This action signifies Congress's exercise of its authority to disapprove regulations that it views as excessive or inappropriate in the context of financial transactions.

Conclusion

In conclusion, HJR140 reflects an ongoing struggle between regulatory agency authority and congressional oversight. The resolution embodies a proactive step taken by Congress to assert its power in the realm of labor and financial regulations, underscoring the dynamic nature of legislative intent and its implications for state laws and business operations.

Contention

Discussions and debates surrounding HJR140 may reveal notable points of contention among legislators. Supporters of the resolution are likely to argue that the rule represents an overreach by the Department of Labor that could hamper financial operations and impose unnecessary burdens on businesses. Conversely, opponents may defend the regulation, emphasizing the importance of safeguarding employee benefits and protecting consumer rights in financial transactions.