S.jres13 - Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act. (119th Congress)
Summary
This document is a joint resolution passed by the Senate and House of Representatives to disapprove a rule submitted by the Office of the Comptroller of the Currency (OCC) regarding the review of applications under the Bank Merger Act. The resolution specifically targets the rule titled "Business Combinations Under the Bank Merger Act" as published in the Federal Register on September 25, 2024. The resolution states that the disapproved rule shall have no force or effect.
Expected Effects
The primary effect of this resolution, if enacted, is to nullify the OCC's rule concerning bank merger applications. This means the OCC would need to either revise the rule to address Congressional concerns or revert to previous regulations governing bank mergers. The resolution aims to exert Congressional oversight on financial regulations.
Potential Benefits
- Prevents potentially unfavorable changes to bank merger regulations.
- Reinforces Congressional oversight of regulatory agencies.
- May lead to a more thorough and balanced approach to bank merger reviews.
- Could protect consumers and smaller banks from potential negative impacts of unchecked mergers.
- Ensures that significant regulatory changes are subject to Congressional scrutiny.
Potential Disadvantages
- May create uncertainty in the banking sector regarding merger application processes.
- Could hinder the OCC's ability to adapt regulations to changing market conditions.
- May lead to political gridlock and delays in approving beneficial bank mergers.
- Could be perceived as an overreach of Congressional authority into regulatory matters.
- May discourage regulatory agencies from innovating and updating rules.
Constitutional Alignment
This resolution aligns with Article I, Section 1 of the US Constitution, which vests all legislative powers in Congress. Congress has the authority to pass laws and disapprove rules issued by executive agencies. The Congressional Review Act (chapter 8 of title 5, United States Code), cited in the resolution, provides a specific mechanism for Congress to review and disapprove agency rules.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).