CONGRESS FOR VOTERS

John Reed (D-RI)

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Office of the Comptroller of the Currency relating to "Preemption Determination: State Interest-on-Escrow Laws".

S.J.Res. 203 · Senate resolution Finance and Financial Sector

A Democratic resolution with no cosponsors

Last activity — Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

In committee

Introduced and handed to a committee in the chamber it started in.

The committee holds it, and most bills are never heard from again. A hearing or a committee vote would be news; silence is the usual outcome, and it kills the bill without anyone voting against it.

Its path through Congress

  1. Introduced
  2. In Committee

What this bill would do

This joint resolution aims to provide congressional disapproval of a specific rule. The rule was submitted by the Office of the Comptroller of the Currency. It concerns the topic of ``Preemption Determination: State Interest-on-Escrow Laws''. If passed, the resolution dictates that the rule shall have no force or effect.

Yes· 3 of 4

  • Scored +5

    Does this give people more protection from unfair business practices?

    The resolution blocks a federal rule, which may allow state-level interest-on-escrow laws to protect consumers from bank fees or lost interest.

  • Scored +5

    Does this leave more decisions to the states?

    The resolution returns authority to the states to regulate interest on escrow accounts.

  • Scored +2

    Would households on low incomes be better off under this?

    This may benefit low-income households if it allows states to mandate interest payments on escrowed funds.

The opposite

  • Scored -5

    Does this give the federal government more power?

    By disapproving the rule, the resolution reduces federal preemption of state-level financial regulations.