Summary of SJRES 28

Bill Overview

Bill Number: SJRES 28

Title: A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".

Status: Signed by President on May 9, 2025

Introduced: February 27, 2025

Classification: Resolution

Purpose and Intent

SJRES 28 aims to disapprove a final rule issued by the Bureau of Consumer Financial Protection (BCFP) that defines larger participants in the market for general-use digital consumer payment applications. The resolution asserts that this rule should have no force or effect, effectively nullifying the BCFP's regulatory framework concerning these digital payment platforms.

Key Provisions

• Disapproval of BCFP Rule: The resolution specifically disapproves the rule published in the Federal Register on December 10, 2024, which aimed to categorize larger participants in the digital payment application market.
• No Force or Effect: Upon enactment, the resolution ensures that the aforementioned rule will not be enforced, thereby removing any regulatory obligations or oversight that would have been imposed on larger digital payment application providers.

Impact

• Affected Entities: The primary impact of this resolution will be on digital consumer payment application providers, particularly those classified as larger participants under the now-disapproved rule. This includes companies that facilitate digital transactions for consumers.
• Regulatory Environment: By disapproving the BCFP's rule, the resolution may lead to a less regulated environment for digital payment applications, potentially affecting consumer protections and market competition.

Legislative Timeline

• February 27, 2025: Introduced in the Senate and referred to the Committee on Banking, Housing, and Urban Affairs.
• March 5, 2025: Passed the Senate without amendment by a vote of 51-47.
• April 9, 2025: Passed the House with a vote of 219-211.
• May 5, 2025: Presented to the President.
• May 9, 2025: Signed into law, becoming Public Law No: 119-11.

Sponsors

• Primary Sponsor: Pete Ricketts
• Cosponsors: Deb Fischer, Tim Scott, Ted Budd, Jim Banks, Bill Hagerty

Related Legislation

• HRES 294: Companion resolution related to the consideration of multiple legislative measures.
• HRES 282: Another companion resolution that was considered but did not pass.
• HJRES 64: Additional related legislation.

This summary provides a concise overview of SJRES 28, detailing its purpose, key provisions, and the implications of its enactment. The resolution reflects a significant legislative action aimed at altering the regulatory landscape for digital consumer payment applications.