Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to "Amendment to Prohibited Transaction Exemption 2020-02".

Bill 118 hjres 140, also known as the "Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Department of Labor relating to 'Amendment to Prohibited Transaction Exemption 2020-02'", is a piece of legislation that aims to challenge a rule proposed by the Department of Labor.

The rule in question, known as the "Amendment to Prohibited Transaction Exemption 2020-02", is a regulation put forth by the Department of Labor that seeks to make changes to existing exemptions related to prohibited transactions under the Employee Retirement Income Security Act of 1974 (ERISA). These exemptions are designed to protect the interests of retirement plan participants and beneficiaries by ensuring that certain transactions are conducted in a manner that is in their best interests.

The bill seeks to disapprove of this rule under chapter 8 of title 5 of the United States Code, which allows Congress to challenge and potentially overturn regulations proposed by federal agencies. By passing this bill, Congress would be expressing its disapproval of the Department of Labor's proposed rule and preventing it from going into effect. Overall, Bill 118 hjres 140 is a legislative effort to challenge a rule proposed by the Department of Labor that could impact retirement plan participants and beneficiaries. It is part of Congress's oversight role in ensuring that federal regulations are in the best interests of the American people.