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Disapproval of Nonbank Financial Company Guidance

The U.S. Congress has rejected new guidelines for overseeing financial companies that are not banks. This means that the rules intended to introduce additional scrutiny over these entities will not take effect. For citizens, this could mean no changes in how some financial institutions they interact with operate.
Key points
Congress disapproved guidance for nonbank financial companies.
These oversight rules will not be enforced.
No changes to the current operations of certain financial institutions.
article Official text account_balance Process page
Expired
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No votes cast
Additional Information
Print number: 118_HJRES_120
Sponsor: Rep. Hill, J. French [R-AR-2]
Process start date: 2024-03-22
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Summarized by: gemini-2.5-flash
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

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".

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HJRES_120.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2024-03-22.

What are the main provisions?

Key points include:

  • Congress disapproved guidance for nonbank financial companies.
  • These oversight rules will not be enforced.
  • No changes to the current operations of certain financial institutions.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Hill, J. French [R-AR-2].

What is the latest detailed status?

The latest detailed status is: Placed on the Union Calendar, Calendar No. 653.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

CATEGORIES

Economy