All Roll Calls
Yes: 320 • No: 305
119-sjres-28119th CongressWALLET
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".
Sponsored By: Senator Ricketts, Pete [R-NE]
Became Law
Summary
Invalidates the CFPB rule that tried to define who counts as 'larger participants' in the market for general-use digital consumer payment applications. It prevents the Bureau of Consumer Financial Protection from using that rule to classify or regulate larger participants in that payments market.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
Rule for big payment apps canceled
The law cancels the Consumer Financial Protection Bureau rule for large, general-use payment apps. It disapproves the final rule published December 10, 2024 (89 Fed. Reg. 99582). The rule now has no force or effect. The Bureau cannot implement, enforce, or rely on it to define larger participants. This eases oversight for big payment-app firms but may reduce protections for people who use these apps.
Sponsors & CoSponsors
Sponsor
Ricketts, Pete [R-NE]
NE • R
Cosponsors
Sen. Budd, Ted [R-NC]
NC • R
Sponsored 2/27/2025
Sen. Banks, Jim [R-IN]
IN • R
Sponsored 3/3/2025
Sen. Hagerty, Bill [R-TN]
TN • R
Sponsored 3/3/2025
Sen. Fischer, Deb [R-NE]
NE • R
Sponsored 3/4/2025
Sen. Scott, Tim [R-SC]
SC • R
Sponsored 3/4/2025
Roll Call Votes
house vote • 4/9/2025
On Passage
Yes: 219 • No: 211
senate vote • 3/5/2025
On the Joint Resolution S.J.Res. 28
Yes: 51 • No: 47
senate vote • 3/4/2025
On the Motion to Proceed S.J.Res. 28
Yes: 50 • No: 47