H.J. Res. 100, 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”
Cost Estimate
As ordered reported by the House Committee on Financial Services on May 16, 2024
H.J. Res. 100, 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”
As ordered reported by the House Committee on Financial Services on May 16, 2024
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
0
0
Revenues
0
*
*
Increase or Decrease (-) in the Deficit
0
*
*
Spending Subject to Appropriation (Outlays)
0
*
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
No
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
*
Contains intergovernmental mandate?
No
Contains private-sector mandate?
No
* = between -$500,000 and $500,000.
Summary
H.J. Res. 100 would disapprove a final rule published by the Securities and Exchange Commission (SEC) in August 2023. By invoking a legislative process established in the Congressional Review Act, the resolution would repeal the rule and prohibit the agency from issuing the same or any similar rule in the future.
The rule requires public companies that are subject to the SEC’s reporting requirements to disclose details about managing and governing risks related to cybersecurity and material incidents. The rule also requires companies to input the information into a structured reporting system.
