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HJRES 53

Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs".

119th Congress Introduced by Andrew Clyde

HJRES 53 disapproves SEC rules on liquidity risk reporting for open-end investment funds, potentially easing compliance and altering risk management practices.

Introduced in House
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Bill Summary · HJRES 53

Summary of HJRES 53

Bill Overview

Bill Number: HJRES 53
Title: Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs."
Status: Introduced in House
Introduced Date: February 12, 2025
Classification: Resolution

Purpose and Intent

HJRES 53 aims to disapprove a specific rule issued by the Securities and Exchange Commission (SEC) concerning the reporting requirements for open-end investment funds. The resolution seeks to nullify the SEC's rule on Form N-PORT and Form N-CEN, which provides guidance on liquidity risk management programs for these funds.

Key Provisions

  • Disapproval of SEC Rule: The resolution explicitly states that Congress disapproves the SEC rule related to Form N-PORT and Form N-CEN reporting. This means that the rule will have no legal effect if the resolution passes.
  • Reference to Federal Register: The rule in question was published in the Federal Register on September 11, 2024 (89 Fed. Reg. 73764).

Impact

  • Affected Parties: The primary entities affected by this resolution are open-end investment funds that are required to comply with the SEC's reporting guidelines. The disapproval could impact how these funds manage and report their liquidity risks.
  • Regulatory Environment: If enacted, this resolution would remove the SEC's guidance on liquidity risk management, potentially leading to less stringent reporting requirements for open-end funds.

Legislative Process

  • Committee Referral: Upon introduction, HJRES 53 was referred to the House Committee on Financial Services on the same day, February 12, 2025. This committee will review the resolution and determine the next steps in the legislative process.

Conclusion

HJRES 53 represents a legislative effort to challenge and disapprove a specific regulatory framework established by the SEC regarding liquidity risk management for open-end funds. The resolution's passage would signify a shift in the regulatory landscape for these financial entities, potentially easing compliance burdens.

Compiled from official sources — confirm details with the bill’s official record.

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