A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "The Fair Credit Reporting Act's Limited Preemption of State Laws".

119th Congress Introduced by Catherine Cortez Masto

The bill would nullify the BCFP's withdrawal of the FCRA limited preemption rule, restoring the prior state-law preemption framework immediately.

Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2271)

Summary of SJRES 129 (119th Congress)

Purpose

This joint resolution provides for congressional disapproval under the procedures of chapter 8 of title 5, United States Code, of a rule issued by the Bureau of Consumer Financial Protection (BCFP).

The targeted rule concerns the withdrawal of the prior rule related to “The Fair Credit Reporting Act's Limited Preemption of State Laws.”

What the bill would do

If enacted, the resolution disapproves the BCFP’s rule withdrawing the earlier rule that limited state laws under the Fair Credit Reporting Act (FCRA).

The resolution states that, upon enactment, the withdrawn rule would have no force or effect.

Key provisions and changes

Disapproval mechanism: The joint resolution uses the congressional disapproval process authorized under 5 U.S.C. chapter 8 (the procedures for disapproval resolutions, often used to reverse federal agency rules).

Effect of disapproval: The rule withdrawing the FCRA limited preemption of state laws would be negated; the withdrawn rule would be treated as if it never took effect.

Reference rule: The targeted rule is the BCFP withdrawal of the rule relating to “The Fair Credit Reporting Act's Limited Preemption of State Laws,” originally published at 87 Fed. Reg. 41042 (July 11, 2022) and referenced in 90 Fed. Reg. 20084 (May 12, 2025).

Who or what would be affected

The primary affected entity is the Bureau of Consumer Financial Protection and its regulatory framework.

Indirectly, consumers and credit reporting practices could be affected due to the status of state-law preemption under the FCRA.

State regulators and credit reporting agencies may also be impacted because the preemption framework governs the interaction between federal FCRA requirements and state laws.

Procedural/timeline aspects

Introduced in the Senate: March 17, 2026, by Senator Catherine Cortez Masto (co-sponsored).

Referral: Referred to the Senate Committee on Banking, Housing, and Urban Affairs.

Committee action: Committee discharged by petition (April 27, 2026) pursuant to 5 U.S.C. 802(c) and placed on the Senate calendar.

Floor action: A motion to proceed to consideration was rejected by voice vote (May 13, 2026), meaning the measure did not advance to a full Senate vote at that time.

The bill uses the express statutory mechanism for disapproval of a federal rule, which, if enacted, bypasses the normal legislative approval route and directly voids the rule.

Notes and context

The bill speaks to a specific administrative rulemaking action (withdrawal of a previous rule) and leverages congressional disapproval to negate it.

As a joint resolution, if enacted, it would have the force of law, immediately nullifying the targeted rule’s withdrawal.

The measure does not propose new regulatory text; it effectively restores the status quo prior to the BCFP’s withdrawal of the FCRA preemption rule.