Purpose and Summary

Chamber: Senate

Introduced date: 2025-02-27

Bill 119 SJRes 28 is a joint resolution that aims to disapprove a rule submitted by the Bureau of Consumer Financial Protection regarding the definition of "larger participants" in the market for general-use digital consumer payment applications. The rule in question seeks to establish criteria for determining which companies qualify as larger participants in this market, which would subject them to additional regulations and oversight by the Bureau. Supporters of the resolution argue that the rule is overly broad and could potentially stifle innovation and competition in the digital payment industry. They believe that the criteria outlined in the rule are too vague and could result in unintended consequences for smaller companies operating in the market. Opponents of the resolution, on the other hand, argue that the rule is necessary to protect consumers and ensure that larger companies in the digital payment industry are held accountable for their actions. They believe that the criteria outlined in the rule are necessary to prevent potential abuses of power by larger participants in the market. Overall, the resolution has sparked a contentious debate in Congress, with lawmakers on both sides of the aisle expressing strong opinions on the issue. It remains to be seen whether the resolution will ultimately be passed and the rule disapproved, or if the Bureau of Consumer Financial Protection will be allowed to move forward with its proposed regulations.

Recent Activity

Motion to reconsider laid on the table Agreed to without objection.

Alternative Names

A joint resolution 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".

Associated Legislation

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".

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) 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''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

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".

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) 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''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) 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"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

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".

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) 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''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions"; providing for consideration of the joint resolution (S.J. Res. 28) 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"; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.

Purpose and Summary

Chamber: Senate

Introduced date: 2025-02-27

Recent Activity

Motion to reconsider laid on the table Agreed to without objection.

Alternative Names

A joint resolution 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".

A joint resolution 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".

A joint resolution 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".

A joint resolution 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".

A joint resolution 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".

A joint resolution 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".

Associated Legislation

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".

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".

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".

Policy Areas

Finance and Financial Sector

Potential Impact

Sponsors and Supporters

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Sen. Ricketts, Pete [R-NE]

Cosponsors and Supporters

Sen. Budd, Ted [R-NC]

Sen. Budd, Ted [R-NC]

Sen. Banks, Jim [R-IN]

Sen. Hagerty, Bill [R-TN]

Sen. Budd, Ted [R-NC]

Sen. Banks, Jim [R-IN]

Sen. Hagerty, Bill [R-TN]

Sen. Fischer, Deb [R-NE]

Sen. Scott, Tim [R-SC]

Committees and Subcommittees

Banking, Housing, and Urban Affairs Committee

Banking, Housing, and Urban Affairs Committee

Variations and Revisions

Brayan Gentry