Overview
Title
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.
ELI5 AI
H. J. RES. 109 is like a big group of grown-ups in charge saying they don’t agree with a special rule made by a team that helps keep track of money in businesses. They want to make sure this rule stops so it doesn’t change how things work with money rules.
Summary AI
H. J. RES. 109 is a joint resolution in the 118th Congress that expresses congressional disapproval of a specific rule issued by the Securities and Exchange Commission (SEC). The rule in question is related to "Staff Accounting Bulletin No. 121," which was published in the Federal Register on April 11, 2022. This resolution seeks to nullify that rule, meaning it would no longer have any legal effect. The resolution indicates that both the House and Senate agree that the rule should not be implemented.
Published
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Bill Statistics
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AnalysisAI
General Summary
The bill in question, H. J. RES. 109, is a joint resolution from the 118th Congress, which provides for the congressional disapproval of a specific rule issued by the Securities and Exchange Commission (SEC). This rule is related to "Staff Accounting Bulletin No. 121". Essentially, the resolution signifies that Congress has exercised its right to reject this rule, and as a result, the bulletin will not have any legal effect or authority.
Summary of Significant Issues
There are several important issues associated with this bill:
Lack of Context and Clarity: The bill does not explicitly provide the reasons behind the Congress's decision to disapprove of the SEC's rule. This omission may lead to confusion or speculation regarding the motives for this legislative action.
Complex Language and References: The reference to the "Staff Accounting Bulletin No. 121" and various legal and governmental entities may be challenging for individuals without a background in law or finance. This complexity reduces the accessibility of the information, hindering public understanding.
Unclear Implications: The phrase "such rule shall have no force or effect" could benefit from further explanation regarding its practical consequences. There appears to be a need for more detailed guidance on how this disapproval will be implemented or enforced.
Technical Language: The overall language of the bill is quite dense and technical, which might prevent the general public from fully grasping its content and impact.
Potential Impact on the Public
The bill's impact on the general public could be both indirect and significant. Primarily, this resolution affects how certain accounting and financial practices are regulated by the SEC. By disapproving this bulletin, Congress might be aiming to maintain a status quo or prevent changes that they perceive as potentially problematic or controversial.
For a broad audience, the uncertainty surrounding the motivations for this disapproval might lead to a lack of trust or understanding in regulatory processes. Public perception could be affected by the perceived lack of transparency and clarity in the legislative decision-making process.
Impact on Specific Stakeholders
Regulatory Bodies: For the SEC and similar regulatory bodies, this resolution directly dismisses a rule they had promulgated, which might complicate their regulatory efforts or alter their strategic planning.
Financial Institutions and Accountants: These stakeholders could be the most directly affected by this resolution. If the disapproved bulletin included specific practices or standards that were to be adhered to, these institutions might find themselves needing to revert to older standards or navigate uncertainties in regulatory expectations.
General Public and Investors: Although indirectly affected, the public and investors could face implications through the transparency and efficacy of financial reporting. Changes or instability in regulatory norms might influence investor confidence and decisions.
In conclusion, while the technical nature and lack of clarity in the bill might restrict its immediate comprehension by the general public, the implications of this disapproval could have broad-reaching effects on financial regulation and transparency, impacting various stakeholders from regulatory bodies to individual investors.
Issues
The text lacks clear context on why the Congress disapproves the rule, potentially leading to ambiguity about the motives and implications. This lack of clarity could impact public understanding and trust, as stakeholders may not comprehend the reasons behind the legislative actions. (Section - '')
The reference to 'Staff Accounting Bulletin No. 121' and various legal documents might be overly complex for individuals without a legal or financial background. This complexity could hinder transparency and accessibility, limiting the public's ability to engage with and understand the legislative process. (Section - '')
The phrase 'such rule shall have no force or effect' might benefit from additional clarification on its practical implications and execution process. Clearer guidance might be necessary to ensure proper implementation and compliance by affected entities. (Section - '')
The language used in the section is technical and dense, which may hinder accessibility and understanding for the general public. Simplifying the language could promote broader engagement and comprehension among constituents. (Section - '')
Sections
Sections are presented as they are annotated in the original legislative text. Any missing headers, numbers, or non-consecutive order is due to the original text.
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Summary AI
Congress has decided to reject a rule from the Securities and Exchange Commission that relates to "Staff Accounting Bulletin No. 121." This decision is based on the conclusion that this bulletin is considered a rule under a specific chapter of U.S. law, and therefore, it will not be effective.