Mike Flood: “Number four is a letter dated February 29, 2024, sent by the American Bankers Association to Chairman McHenry and…”

“Number four is a letter dated February 29, 2024, sent by the American Bankers Association to Chairman McHenry and Ranking Member Waters, expressing support for H.J. Res. 109. American Bankers Association, Washington, DC, February 29, 2024. Re Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to ``Staff Accounting'' Bulletin No. 121'' (H.J. Res. 109). Hon. Patrick McHenry, Chairman, Committee on Financial Services, House of Representatives, Washington, DC. Hon. Maxine Waters, Ranking Member, Committee on Financial Services, House of Representatives, Washington, DC. Dear Chairman McHenry and Ranking Member Waters: The American Bankers Association (ABA) welcomes and supports H.J. Res. 109, the Congressional Review Act resolution of disapproval for the Securities and Exchange Commission ``Staff Accounting Bulletin 121.'' which was recently introduced by Reps. Mike and Flood (R-NE) and Wiley Nickel (D-NC). Adverse Impact of SAB 121 on Bank Digital Asset Products and Services In March 2022, the Securities and Exchange Commission (SEC) released Staff Accounting Bulletin 121 (SAB 121) to address perceived risks to publicly traded companies that safeguard crypto assets for their customers.…”