A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of the Treasury relating to "Coronavirus State and Local Fiscal Recovery Funds".
5/21/2024, 6:40 PMSummary of Bill SJRES 57
Bill 118 SJRes 57 is a joint resolution that aims to disapprove of a rule submitted by the Department of the Treasury regarding the "Coronavirus State and Local Fiscal Recovery Funds." The rule in question is related to the distribution of funds to state and local governments to help them recover from the economic impacts of the COVID-19 pandemic.The resolution falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn federal agency rules. In this case, Congress is seeking to disapprove of the Treasury Department's rule, which outlines how the funds will be allocated and used by state and local governments.
The resolution is non-partisan and focuses on the specific details of the rule and its potential impact on the distribution of funds. It does not take a stance on the overall issue of COVID-19 relief or government spending, but rather seeks to ensure that the funds are distributed in a fair and transparent manner. Overall, Bill 118 SJRes 57 is a detailed and factual summary of the rule submitted by the Department of the Treasury, providing Congress with the information needed to make an informed decision on whether to disapprove of the rule.
Congressional Summary of SJRES 57
This joint resolution nullifies the Department of Treasury's rule titled Coronavirus State and Local Fiscal Recovery Funds, which was issued on November 20, 2023.
The rule relates to the use of State and Local Fiscal Recovery Funds (SLFRF), which were initially authorized under the American Rescue Plan Act of 2021 to help state and local governments respond to the COVID-19 public health emergency. Current regulations allow for the use of funds for authorized purposes by December 31, 2026, if such funds are obligated for expenditure by December 31, 2024.
The rule modifies the definition of an obligation to include satisfaction of administrative or legal requirements that are associated with the SLFRF program, such as reporting, audit, or environmental compliance requirements. Funds for these purposes are considered to be obligated by the required deadline of December 31, 2024. Estimated amounts of such obligations must be reported to Treasury by April 30, 2024, and the funds must still be used by December 31, 2026.
