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 "Regulation S-P: Privacy of Consumer Financial Information and Safeguarding Customer Information".

Bill 118 hjres 185, also known as the Providing for congressional disapproval of the rule submitted by the Securities and Exchange Commission regarding Regulation S-P, focuses on the privacy of consumer financial information and safeguarding customer information. The bill falls under chapter 8 of title 5, United States Code, which allows Congress to disapprove of regulations proposed by federal agencies.

The Securities and Exchange Commission (SEC) submitted a rule related to Regulation S-P, which aims to protect the privacy of consumer financial information and ensure the safeguarding of customer information. However, some members of Congress believe that the rule may have unintended consequences or may not adequately address the concerns of consumers and financial institutions.

As a result, Bill 118 hjres 185 seeks to disapprove of the rule submitted by the SEC under Regulation S-P. This would prevent the rule from being implemented and would require the SEC to go back to the drawing board and potentially revise the rule based on feedback from Congress. Overall, the bill highlights the importance of balancing consumer privacy with the needs of financial institutions to safeguard customer information. It also underscores the role of Congress in overseeing and potentially overturning regulations proposed by federal agencies like the SEC.