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S.J.Res. 18 · 119th Congress

A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".

Sen. Scott, Tim [R-SC] (R-SC) · Introduced · 16 cosponsors

Public Law 119-10Finance and Financial Sector
Progress
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1
Introduced
A bill is formally introduced by a lawmaker; it is assigned an ID and sent to committee.
2
Committee
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3
Reported
After committee work, the committee releases a report and the bill can go to the full chamber for a vote.
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Senate Vote
The bill has passed the full Senate.
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House Vote
The bill has passed the full House of Representatives.
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Passed Congress
Both the House and Senate have passed the bill; it moves to the President for final approval.
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Sent to President
The bill has been sent to the President, who may sign it, veto it, or let a ten-day clock decide.
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Became Law
The bill is now law — by the President's signature, by the ten-day rule when the President declines to sign, or by a two-thirds veto override.

Latest action

Became Public Law No: 119-10.

· from Congress.gov, as of August 8, 2026

Committees

Banking, Housing, and Urban Affairs Committee

What this stage means

The bill is now law — by the President's signature, by the ten-day rule when the President declines to sign, or by a two-thirds veto override.

Why this matters

There are three constitutional paths to enactment, and only one of them requires the President's approval.

What can happen next

Executive agencies write regulations to implement it; courts may review challenges to it.

Study this bill

AP Gov
Unit 2 · Interactions Among Branches of GovernmentUnit 4 · American Political Ideologies and Beliefs

The constitutional question

After INS v. Chadha killed the one-house legislative veto, the Congressional Review Act became Congress's constitutional workaround: a joint resolution, passed by both chambers and signed by the President, that voids an agency rule and bans 'substantially similar' rules forever. This resolution used it to erase the CFPB's $5 cap on bank overdraft fees.

The strongest case for

The overdraft rule was price control by an agency whose director answers to no one between confirmations: a $5 cap on a service whose actual cost varies by bank and account, imposed on institutions that already must disclose fees under existing law. Price caps have a known failure mode — banks respond by ending overdraft coverage entirely or closing free checking, which pushes exactly the marginal customers the rule claims to protect toward payday lenders charging far more. If Congress wants to regulate overdraft pricing it can write that statute; a CRA vote is the constitutionally clean way to say the delegated authority was never meant to stretch this far.

The strongest case against

Overdraft programs generate billions annually from a small, disproportionately low-income slice of customers — fees near $35 for advances that cost banks almost nothing to provide, ordered and re-ordered to maximize triggers. The CFPB rule permitted banks to charge more than $5 if they documented actual costs, so the 'price control' framing is wrong; it was a default with an evidence-based escape hatch. Using the CRA here doesn't just void one rule — it permanently bars any 'substantially similar' protection, freezing consumer-finance policy at the preference of one Congress. Fee regulation exists precisely because switching banks is costly and the customers paying these fees have the least leverage to bargain.

Foundational documents in play

  • Federalist No. 51

    The CRA is a modern gear in Madison's machine: the legislature clawing back policy made by the executive's delegated rulemaking.

  • U.S. Constitution

    Bicameralism and presentment (Article I, Section 7) are why the CRA — unlike the old one-house legislative veto — survives constitutionally.

Organizations supporting

Organizations opposing

This has happened before

In 2017, Congress used the CRA to void the same agency's arbitration rule — the vote was 50–50, broken by the Vice President. Same agency, same tool, same alignment of banking interests, eight years apart. The CFPB, created by one unified government in 2010, has had its rules serially erased by the next — the clearest possible lesson that bureaucratic policy lives at the mercy of election outcomes.

Practice FRQ

Concept Application. "Congress passed a joint resolution under the Congressional Review Act voiding a consumer-protection rule issued by a federal agency; the President signed it." (A) Describe how the CRA differs from the legislative veto struck down in INS v. Chadha. (B) Explain how the CRA serves as a congressional check on the bureaucracy. (C) Explain one consequence of the CRA's ban on 'substantially similar' future rules for long-term policymaking.

Sources: www.congress.gov · www.congress.gov

Action history

Every recorded action from Congress.gov — 30 total.

  1. Signed by President.

  2. Signed by President.

  3. Became Public Law No: 119-10.

  4. Became Public Law No: 119-10.

  5. Presented to President.

  6. House

    Presented to President.

  7. House

    Considered under the provisions of rule H. Res. 294. (consideration: CR H1519-1525)

  8. House

    Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.

  9. House

    DEBATE - The House proceeded with one hour of debate on S.J. Res. 18.

  10. House

    The previous question was ordered pursuant to the rule.

  11. House

    POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 18, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.

  12. House

    Considered as unfinished business. (consideration: CR H1533)

  13. House

    Passed/agreed to in House: On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519: 1)

  14. House

    On passage Passed by the Yeas and Nays: 217 - 211 (Roll no. 96). (text: CR H1519)

  15. House

    Motion to reconsider laid on the table Agreed to without objection.

  16. House

    Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.

  17. House

    Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table.

  18. Senate

    Message on Senate action sent to the House.

  19. House

    Received in the House.

  20. House

    Held at the desk.

  21. Senate

    Considered by Senate. (consideration: CR S1879, S1884)

  22. Senate

    Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153.

  23. Senate

    Passed Senate without amendment by Yea-Nay Vote. 52 - 48. Record Vote Number: 153. (text: CR S1884)

  24. Senate

    Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).

  25. Senate

    Senate Committee on Banking, Housing, and Urban Affairs discharged, by petition, pursuant to 5 U.S.C. 802(c).

  26. Senate

    Placed on Senate Legislative Calendar under General Orders. Calendar No. 34.

  27. Senate

    Motion to proceed to consideration of measure agreed to in Senate by Yea-Nay Vote. 52 - 47. Record Vote Number: 152.

  28. Senate

    Measure laid before Senate by motion. (consideration: CR S1864)

  29. Senate

    Introduced in Senate

  30. Senate

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