SAFE Guidance Act
Financial Agencies: New Labels for Informal Rules
The SAFE Guidance Act has been approved by its committee and is now waiting for further action on the House floor. It is currently moving forward as it has been placed on the official calendar for consideration. There are no other companion bills currently linked to this legislation.
Legislative Progress
While the bill has moved out of committee in the House, similar efforts to limit agency power often struggle to pass the Senate or face a veto.
Key Points
- This bill requires major financial agencies like the Treasury and the SEC to put a specific disclaimer on their guidance documents. This disclaimer must tell the public that the advice in the document is not a law and does not have to be followed.
- The goal is to stop government agencies from treating informal suggestions as if they were official rules. It protects businesses and individuals from being punished just because they did not follow a suggestion that was never voted on or officially finalized.
- The agencies affected include those that handle banking, housing, and the stock market. If this bill passes, any new advice these agencies give about how to follow the law must clearly state that it is not a binding requirement.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Placed on the Union Calendar, Calendar No. 208.
The bill is now on the schedule for the full chamber to consider. It's in line for debate and a vote.
Reported by the Committee on Financial Services. H. Rept. 119-251.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Ordered to be Reported by the Yeas and Nays: 26 - 23.
The committee approved this bill and is sending it to the full chamber for a vote. This is a significant step — most bills never get this far.
Committee Consideration and Mark-up Session Held
Committee Consideration and Mark-up Session Held
Votes
No votes have been recorded for this legislation yet.
News
No related news coverage found for this legislation yet.
Source Information
Document Type
Congressional Bill
Official Title
SAFE Guidance Act
Data Sources
Sponsor
Analysis generated by AI. Always verify with official sources.