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".

Bill 118 hjres 109 is a piece of legislation that aims to disapprove of a rule submitted by the Securities and Exchange Commission (SEC) regarding "Staff Accounting Bulletin No. 121." The bill falls under chapter 8 of title 5 of the United States Code, which allows Congress to review and potentially overturn regulations proposed by federal agencies.

The rule in question, Staff Accounting Bulletin No. 121, is a guideline issued by the SEC that provides clarification on how companies should account for certain transactions in their financial statements. The bill seeks to challenge this rule and prevent it from being implemented.

If passed, Bill 118 hjres 109 would signify Congress's disapproval of the SEC's rule and prevent it from taking effect. This legislative action is part of Congress's oversight role in ensuring that federal agencies are acting in the best interest of the public and following proper procedures when issuing regulations. Overall, Bill 118 hjres 109 is a significant piece of legislation that highlights the ongoing debate over financial regulations and the role of Congress in overseeing the actions of federal agencies like the SEC.