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 seeks to nullify the rule, preventing it from taking effect.
Expected Effects
If passed, the resolution would prevent the BCFP rule from being enforced. This would mean that the regulatory framework for larger participants in the digital payment application market, as defined by the BCFP, would not be implemented. The specific impact on consumers and businesses would depend on the content and implications of the original rule.
Potential Benefits
- Potentially reduces regulatory burden on businesses in the digital payment sector.
- Could foster innovation by preventing potentially restrictive regulations.
- May prevent the BCFP from overstepping its authority, depending on the specifics of the rule.
- Could lead to lower costs for consumers if the rule would have increased compliance expenses for businesses.
- May allow for more flexibility in the digital payment market.
Most Benefited Areas:
Potential Disadvantages
- Could leave consumers vulnerable to potential risks associated with digital payment applications if the rule was designed to protect them.
- May hinder the BCFP's ability to oversee and regulate the digital payment market effectively.
- Could lead to a lack of standardization and consumer protection in the rapidly evolving digital payment landscape.
- May create uncertainty for businesses that were preparing to comply with the rule.
- Potentially weakens consumer financial protection mechanisms.
Constitutional Alignment
The resolution is an exercise of Congress's legislative power under Article I, Section 1, which vests all legislative powers in Congress. Congress has the authority to review and disapprove agency rules. The specific constitutional implications depend on whether the BCFP's rule exceeds its statutory authority or infringes upon any constitutional rights. The resolution itself does not appear to violate any specific constitutional provision, as it is a legislative action.
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).