A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
Bank Mergers: Blocking New Review Rules
Signed Into Law
This legislation has been enacted.
Legislative Progress
220–207
Key Points
- Congress is voting to cancel a new set of rules from the Office of the Comptroller of the Currency. These rules changed how the government decides if two banks are allowed to merge or if one bank can buy another.
- Because Congress is using a special disapproval process, these specific rules will have no legal power and cannot be used. This keeps the older system for bank mergers in place for now.
- This action matters because bank mergers can change which banks are available in your neighborhood and how much they charge for services. Some people believe stricter rules protect customers, while others think they make it too hard for banks to do business.
- By stopping these rules, Congress is also preventing the agency from making similar rules in the future unless a new law is passed. This ensures that the standards for bank deals do not change without further input from lawmakers.
Impact Analysis
Govbase has not yet run an impact analysis on this legislation.
Milestones
Became Public Law No: 119-19.
The President signed it. This is now the law of the land.
Signed by President.
The President signed it. This is now the law of the land.
Presented to President.
Both chambers passed identical text. The President has 10 days to sign it into law or veto it.
Motion to reconsider laid on the table Agreed to without objection.
On passage Passed by the Yeas and Nays: 220 - 207 (Roll no. 137).
Vote Results
3 votesOn the Motion to Proceed
On the Joint Resolution
News
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Source Information
Document Type
Congressional Bill
Official Title
A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
Data Sources
Sponsor
Cosponsors
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