The text of the resolution below is as of Oct 26, 2017 (Passed Congress).
Summary of this resolution
Source: Republican Policy Committee
H.J.Res. 111 would disapprove and nullify the rule issued by the Bureau of Consumer Protection (CFPB) on July 10, 2017, regarding final arbitration pertaining to consumer finance contracts.
The Congressional Review Act, enacted in 1996, establishes special congressional procedures for disapproving a broad range of regulatory actions issued by federal agencies. If Congress passes a joint resolution disapproving the rule, and the resolution becomes law, the rule cannot take effect or continue in effect. The agency also may not reissue that rule or any substantially similar rule, except under authority of a subsequently enacted law.
The CFPB’s final rule prohibits consumer finance companies from relying on class ...
One Hundred Fifteenth Congress of the United States of America
At the First Session
Begun and held at the City of Washington on Tuesday, the third day of January, two thousand and seventeen
H. J. RES. 111
Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by Bureau of Consumer Financial Protection relating to
That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to
Arbitration Agreements (82 Fed. Reg. 33210 (July 19, 2017)), and such rule shall have no force or effect.
Speaker of the House of Representatives.
Vice President of the United States and President of the Senate.