SJRES 28 Became law

Cancels a Consumer Financial Protection Bureau rule that would have allowed the agency to oversee large digital payment apps such as mobile wallets and peer-to-peer payment services.

Official 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".

Outcome Public Law 119-11

Timeline each lane is a chamber; dates pull from congress.gov actions

House

Received 10-MAR-2025

On the calendar 01-APR-2025

Passed 09-APR-2025

Senate

Introduced 27-FEB-2025

Referred 27-FEB-2025

On the calendar 04-MAR-2025

Passed 05-MAR-2025

President

Presented 05-MAY-2025

Signed 09-MAY-2025

Became law 09-MAY-2025

Key points

Disapproves the Bureau of Consumer Financial Protection final rule defining larger participants in the market for general-use digital consumer payment applications, published at 89 Fed. Reg. 99582 on December 10, 2024
Declares that the rule shall have no force or effect

AI-generated from the Public Law text of 10-MAY-2025 · verify · report an error

Official CRS summary

Current. The Congressional Research Service's summary covers the bill's latest wording (Public Law, 09-MAY-2025).

CRS is the Library of Congress's nonpartisan research office. Read it on congress.gov

Committee referrals (1)

Banking, Housing, and Urban Affairs Committee (Senate)

Policy area

Finance and Financial Sector

Sponsor Pete Ricketts (R-NE) Cosponsors · 5

■ 5 R

5 Republicans

congress.gov page Public Law (10-MAY-2025) Engrossed in Senate (05-MAR-2025) Placed on Calendar Senate (04-MAR-2025) Introduced in Senate (27-FEB-2025) Enrolled Bill Senate: Motion to proceed to consideration of measure agreed to in..., 50-47, 04-MAR-2025 Senate: Passed Senate without amendment, 51-47, 05-MAR-2025 House: On passage Passed, 219-211, 09-APR-2025