OFFICIALS LEGISLATION INTEREST GROUPS PUBLIC STATEMENTS COMMITTEES VETOES

McHenry, Lummis Release Statement Following GAO Determination on Staff Accounting Bulletin 121

Statement

Date: Oct. 31, 2023
Location: Washington, D.C.
Issues: Finance and Banking Business, Consumers, and Employees

"Staff Accounting Bulletin 121 should have been an official rule issued by the SEC through the normal process of federal rulemaking. This bulletin has massive implications, and the SEC should have received feedback on it from the federal banking regulators and the public before implementing this legally binding directive. I have serious concerns over the impact of this bulletin on consumer protection and ensuring well-regulated financial institutions are able to provide safe custody for Americans' hard-earned financial assets is my top priority. This sets an incredibly dangerous precedent. I plan to use the Congressional Review Act to block this rule in the coming weeks."


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