US Federal House Bill HJR53

US Federal 2025-2026 Regular Session

• Introduced: 2/12/25
• Refer: 2/12/25

Caption

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".

Summary

H.J. Res. 53 is a congressional disapproval resolution under the Congressional Review Act. It would nullify a Securities and Exchange Commission rule published on September 11, 2024, that concerns Form N-PORT and Form N-CEN reporting and related guidance on open-end fund liquidity risk management programs. If enacted, the resolution would make the SEC rule have no force or effect. The resolution does not create a new regulatory framework; instead, it seeks to block an existing federal securities regulation. The practical effect would be to prevent the SEC from implementing the reporting and guidance changes for registered open-end funds, including mutual funds and similar investment vehicles, and would preserve the prior regulatory status quo unless the SEC later issued a different rule.

Impact

If adopted, the resolution would override the SEC’s 2024 rule and eliminate its legal effect under chapter 8 of title 5, U.S. Code. That would affect SEC reporting requirements for open-end funds, including disclosures on Form N-PORT and Form N-CEN and guidance tied to liquidity risk management programs. The bill would not amend state law directly, but it would alter federal securities compliance obligations for fund managers, investment advisers, and registered investment companies.

Sentiment

Based on the bill’s introduction and referral history, the measure appears to be part of a broader congressional effort to overturn recent SEC regulatory action. No committee transcript or recorded vote is available in the provided materials, so there is no documented floor or committee debate to gauge broader support or opposition. The available context suggests the bill is procedurally straightforward but politically aligned with efforts to limit SEC rulemaking.

Contention

The main point of contention is likely the underlying SEC rule itself: supporters of the resolution would view the rule as an unnecessary or burdensome expansion of reporting and liquidity-management guidance, while opponents would likely argue that the rule improves transparency and investor protection in open-end funds. Because no hearing transcript or vote record is provided, specific member positions are not available, but the dispute centers on the balance between regulatory burden and market oversight.