Lummis Lauds Passage of Resolution Rolling Back SEC Overreach

May 16, 2024

WASHINGTON, D.C. – Today, U.S. Senator Cynthia Lummis (R-WY) applauded the U.S. Senate passing her Congressional Review Act (CRA) resolution overturning the U.S. Securities and Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. This resolution protects the foundation of essential custody services for consumers and deals a major blow to President Biden’s SEC that has become a runaway regulatory agency.

“SAB 121 was a disaster from the start. The SEC should never set policy—over banks, no less, an industry they do not regulate—through a staff accounting bulletin. This is nothing more than this administration attempting to skirt the law while also eliminating critical consumer protections,” said Lummis. “This is a win for financial innovation and a clear rebuke of the way the Biden administration and Chair Gary Gensler have treated crypto assets and marks the first time both chambers of Congress have passed standalone crypto legislation. President Biden needs to take note of the bipartisan support this CRA received in both the House and Senate and sign this into law.”

The resolution passed the Senate by a vote of 60 – 38.


On November 15, 2023, Senator Lummis, Representative Wiley Nickel (D-NC) and Representative Mike Flood (R-NE) sent a letter alongside Senator Kirsten Gillibrand (D-NY) and Representatives Patrick McHenry (R-NC), French Hill (R-AR) and Ritchie Torres (D-NY) to the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Currency and the National Credit Union Administration (prudential regulators) urging them to clarify that SAB 121 is not enforceable after the Government Accountability Office (GAO) found that it is a rule for purposes of the Congressional Review Act

On February 1, 2024 Senator Lummis alongside Representatives Nickel and Flood introduced a bipartisan, bicameral Congressional Review Act resolution to overturn the U.S. Securities and Exchange Commission’s Staff Accounting Bulletin 121.

The House passed the CRA resolution last week by a vote of 228 – 182.

Click here to read the full text of CRA.