Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations".

Bill 118 hjres 120, also known as the Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations," is a piece of legislation that aims to challenge a rule put forth by the Financial Stability Oversight Council (FSOC).

The rule in question pertains to the guidance provided by the FSOC regarding the determination of nonbank financial companies. Nonbank financial companies are entities that engage in financial activities but do not hold a banking license. The FSOC plays a crucial role in identifying and monitoring these companies to ensure financial stability in the United States.

The bill seeks to disapprove of the rule submitted by the FSOC, indicating that Congress does not support the guidance provided by the council in determining nonbank financial companies. This disapproval falls under chapter 8 of title 5 of the United States Code, which outlines the process for Congress to challenge and potentially overturn regulations put forth by federal agencies. Overall, Bill 118 hjres 120 is a legislative effort to address concerns regarding the FSOC's guidance on nonbank financial company determinations. It reflects Congress's role in overseeing and regulating financial institutions to maintain stability in the US economy.