Bills · SJRES 178
IN COMMITTEE· 119TH CONGRESS
Senate Joint Res.SJRES 178Finance and Financial Sector
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Procedures for Supervisory Designation Proceedings".
This resolution stops the CFPB from getting rid of the procedures used to identify and watch non-traditional financial companies that might pose a risk to consumers.AI-written
INTRO APR 13· LAST ACTION APR 13
PASSAGE CHANCESLONG SHOT
10%
READING
1MIN
COSPONSORS
0
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
tl;dr
AI-writtenBlocks the Consumer Financial Protection Bureau from removing rules that allow it to monitor and supervise risky nonbank financial companies and fintech firms.
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed Senate
Passed House
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenThis bill matters because it concerns the 'shadow banking' sector—companies that act like banks but aren't regulated like them. Currently, the CFPB has specific procedures to step in and monitor these companies if they pose a threat to the financial system or individual consumers. If the CFPB successfully removes these procedures, it might become significantly harder for the government to catch financial abuses before they affect millions of people.
Voters should care because this is a battle over how much power the government should have to regulate the modern financial world. If the bill becomes law, the government keeps its existing oversight tools; if it doesn't, the agency will have fewer formal procedures to watch over non-traditional financial firms, potentially leading to less regulation in the fintech industry.
KEY PROVISIONS
3AI-extractedPROVISION 01
Invokes the Congressional Review Act to disapprove of the CFPB rule titled 'Procedures for Supervisory Designation Proceedings.'
This is the core mechanism that allows Congress to legally nullify a specific agency regulation with a simple majority vote.
PROVISION 02
Mandates that the CFPB's withdrawal of oversight procedures shall have no force or effect.
This ensures that the previous oversight rules are immediately restored as if the agency had never tried to change them.
PROVISION 03
Prevents the CFPB from issuing a 'substantially similar' rule in the future without new authorization.
Once a rule is disapproved via the Congressional Review Act, the agency is legally barred from trying to enact the same policy again later.
SPONSORSHIP
1 + 0
D· Massachusetts
YRS IN OFFICE
13
BILLS LED
85
ACTION TIMELINE
2 EVENTSAPR 13
Introduced in Senate
APR 13
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
BILL INFO
TypeSenate Joint Resolution
NumberSJRES 178
Congress119th
StatusIn Committee
IntroducedApr 13, 2026
Last actionApr 13, 2026
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IN COMMITTEE· 119TH CONGRESS · BANKING, HOUSING, AND URBAN AFFAIRS COMMITTEE · INTRODUCED APR 13, 2026
Senate Joint Res.SJRES 178Finance and Financial Sector
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Procedures for Supervisory Designation Proceedings".
This resolution stops the CFPB from getting rid of the procedures used to identify and watch non-traditional financial companies that might pose a risk to consumers.AI-written
INTRODUCED APR 13, 2026· LAST ACTION APR 13, 2026
PASSAGE CHANCES
10%
READING
1 min
