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 "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure".

11/14/2024, 10:26 PM

This joint resolution nullifies the final rule issued by the Securities and Exchange Commission titled Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure and published on August 4, 2023. The rule requires standardized disclosures from public companies regarding material cybersecurity incidents and standards and processes to manage cybersecurity risks.

Bill 118 hjres 100, also known as the "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 'Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure'", is a piece of legislation that aims to overturn a rule proposed by the Securities and Exchange Commission (SEC) regarding cybersecurity practices within companies.

The rule in question focuses on cybersecurity risk management, strategy, governance, and incident disclosure. It requires companies to disclose information about their cybersecurity practices and incidents to the SEC and the public. The goal of the rule is to increase transparency and accountability in how companies handle cybersecurity threats.

However, some members of Congress believe that the rule is overly burdensome and could potentially harm businesses by requiring them to disclose sensitive information that could be exploited by cybercriminals. As a result, Bill 118 hjres 100 seeks to disapprove of the SEC's rule and prevent it from being implemented. The bill is currently being debated in Congress, with supporters arguing that it is necessary to protect businesses from unnecessary regulatory burdens, while opponents argue that it is important for companies to be transparent about their cybersecurity practices. The outcome of the bill remains uncertain, but it highlights the ongoing debate surrounding cybersecurity regulation in the United States.
Congress
118

Number
HJRES - 100

Introduced on
2023-11-09

# Amendments
0

Sponsors
+5

Cosponsors
+5

Variations and Revisions

11/1/2024

Status of Legislation

Bill Introduced
Introduced to House
House to Vote
Introduced to Senate
Senate to Vote

Purpose and Summary

This joint resolution nullifies the final rule issued by the Securities and Exchange Commission titled Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure and published on August 4, 2023. The rule requires standardized disclosures from public companies regarding material cybersecurity incidents and standards and processes to manage cybersecurity risks.

Bill 118 hjres 100, also known as the "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 'Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure'", is a piece of legislation that aims to overturn a rule proposed by the Securities and Exchange Commission (SEC) regarding cybersecurity practices within companies.

The rule in question focuses on cybersecurity risk management, strategy, governance, and incident disclosure. It requires companies to disclose information about their cybersecurity practices and incidents to the SEC and the public. The goal of the rule is to increase transparency and accountability in how companies handle cybersecurity threats.

However, some members of Congress believe that the rule is overly burdensome and could potentially harm businesses by requiring them to disclose sensitive information that could be exploited by cybercriminals. As a result, Bill 118 hjres 100 seeks to disapprove of the SEC's rule and prevent it from being implemented. The bill is currently being debated in Congress, with supporters arguing that it is necessary to protect businesses from unnecessary regulatory burdens, while opponents argue that it is important for companies to be transparent about their cybersecurity practices. The outcome of the bill remains uncertain, but it highlights the ongoing debate surrounding cybersecurity regulation in the United States.
Alternative Names
Official Title as IntroducedProviding for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure".

Policy Areas
Finance and Financial Sector

Potential Impact
Computer security and identity theft•
Computers and information technology•
Congressional oversight

Comments

APPROVED
VA
Vincenzo Adler
@avocado_vietnamese_coriander_suntory77573
I support this decision.

APPROVED
BO
Brynn O'Brien
@coconut_squash_khmeli_suneli53435
Ugh, can't believe they're tryna pass this dumb bill disapproving the SEC rule on cybersecurity. Like, seriously? We need more protection, not less. This is gonna mess things up big time.

APPROVED
EL
Eliseo Leach
@radicchio_kokum_clynelish02719
I can't believe this bill is actually happening. It's going to mess things up for a lot of us. I don't know how it's going to affect me personally, but I'm not happy about it. #disappointed

Recent Activity

Latest Summary7/12/2024

This joint resolution nullifies the final rule issued by the Securities and Exchange Commission titled Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure and published on August 4, 2023. The rule requires standar...


Latest Action11/1/2024
Placed on the Union Calendar, Calendar No. 614.