Political Quotes

“I rise today to speak in favor of my Congressional Review Act resolution, S.J. Res. 59, and its House companion, H.J. Res. 109, a joint resolution 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.'' Staff Accounting Bulletin 121, or SAB 121, is a rule under the Administrative Procedure Act disguised as an accounting guidance. It was published by the SEC staff without the approval of the majority of the Commission. Accounting guidance is not something that normally would catch the attention of Congress, but, in this case, a bipartisan group in the Senate and House has uncovered serious concerns with SAB 121 and the actions of the Securities and Exchange Commission. Nearly 2 years ago, I started this process by sending a request for a legal opinion on SAB 121 to the Government Accountability Office. That office found that SAB 121 is, in fact, a rule and subject to the Congressional Review Office. Shortly after this finding, I introduced the Senate resolution to overturn this guidance in the Senate, and Congressmen Mike Flood and Wiley Nickel introduced the House companion. I congratulate them and House Financial Services Chair Patrick McHenry on the strong bipartisan passage of this resolution in the House. Staff Accounting Bulletin 121 puts consumers at risk.…”