S.jres28 - Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications. (119th Congress)
Summary
This document is a joint resolution (S.J.Res.28) introduced in the Senate during the 119th Congress. It aims to disapprove a rule submitted by the Bureau of Consumer Financial Protection (BCFP) concerning the definition of "Larger Participants of a Market for General-Use Digital Consumer Payment Applications". The resolution expresses Congressional disapproval of the rule, effectively nullifying it.
Expected Effects
If enacted, this resolution would prevent the BCFP rule from taking effect. This means the regulatory framework for larger participants in the digital payment application market would not be altered as proposed by the BCFP. The existing regulatory landscape would remain in place unless the BCFP issues a revised rule or Congress enacts new legislation.
Potential Benefits
- Prevents potential overreach by the BCFP, ensuring regulatory burdens are not excessive.
- Maintains the status quo, providing stability for businesses operating in the digital payment space.
- Allows Congress to exercise oversight of regulatory actions, ensuring accountability.
- Could foster innovation by preventing potentially stifling regulations.
- May reduce compliance costs for businesses, freeing up resources for investment and growth.
Most Benefited Areas:
Potential Disadvantages
- May hinder consumer protection efforts in the digital payment space.
- Could limit the BCFP's ability to adapt regulations to evolving market conditions.
- May create uncertainty if the existing regulatory framework is inadequate.
- Could disproportionately benefit larger companies at the expense of smaller competitors and consumers.
- May reduce transparency and accountability in the digital payment market.
Constitutional Alignment
The resolution reflects Congress's power to check the authority of executive agencies like the BCFP, aligning with the principle of separation of powers. Article I, Section 1 vests all legislative powers in Congress, implying the power to oversee and disapprove of agency rules. The Congressional Review Act (5 U.S.C. 802(c)), cited in the document, provides a mechanism for Congress to review and potentially nullify agency regulations, further solidifying this alignment.
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).