H.J. Res. 120, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to “Guidance on Nonbank Financial Company Determinations”
Cost Estimate
As ordered reported by the House Committee on Financial Services on April 17, 2024
H.J. Res. 120, a joint resolution providing for Congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to “Guidance on Nonbank Financial Company Determinations”
As ordered reported by the House Committee on Financial Services on April 17, 2024
By Fiscal Year, Millions of Dollars
2025
2025-2029
2025-2034
Direct Spending (Outlays)
*
*
*
Revenues
*
*
*
Increase or Decrease (-) in the Deficit
*
*
*
Spending Subject to Appropriation (Outlays)
0
0
0
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
*
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?
Yes, Under Threshold
* = between -$500,000 and $500,000.
Summary
H.J. Res. 120 would disapprove a final rule published by the Financial Stability Oversight Council (FSOC) in November 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 modified the FSOC’s process for determining which nonbank financial companies are systemically important financial institutions and thus subject to enhanced oversight by the Federal Reserve. It removed certain prerequisites for the designation of systemic importance required under previous guidance issued in 2019.
