Mike Flood: “Think about why the Congressional Review Act was passed in the first place: to give Congress the ability to check a…”

“Think about why the Congressional Review Act was passed in the first place: to give Congress the ability to check a regulator that has gone astray. If we don't pass this resolution, we are effectively giving the green light to our regulators to bypass the APA rulemaking process with impunity. This isn't just about the SEC or bank custody. This is about providing a necessary check to executive branch power. Regardless of your feelings on the banking policy or the SEC, I urge my colleagues to support this resolution for the sake of upholding the authority of the institution we serve in. Mr. Speaker, I include in the Record four letters. Number one is a letter dated April 27, 2023, sent by Fed Vice Chair Michael Barr to Senator Lummis, discussing the impact of SAB 121 on Fed-regulated financial institutions. Number two is a letter dated April 18, 2023, sent by FDIC Chairman Gruenberg to Chairman McHenry and Senator Lummis, in response to their March 2, 2023, letter. Number three is a letter dated February 28, 2024, sent by the Conference of State Bank Supervisors to Chairman McHenry and Ranking Member Waters, outlining the unintended effects SAB 121 could pose on consumers and markets. Board of Governors of the Federal Reserve System, Washington, DC, April 27, 2023. Hon. Cynthia M. Lummis, U.S. Senate, Washington, DC.…”