Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to "Consumer Financial Protection Circular 2023-02: Reopening Deposit Accounts That Consumers Previously Closed".

Congress holds all legislative powers granted by the Constitution and may enact joint resolutions to disapprove executive agency actions, including the withdrawal of interpretive circulars on financial practices, as this asserts legislative oversight over the execution of laws within the sphere of commerce regulation. Such a resolution preserves the separation of powers by allowing Congress to check administrative interpretations while maintaining federal supremacy in enumerated domains. The subject matter pertains to the regulation of financial transactions among the states, properly within c…

The proposed resolution seeks to disapprove an executive agency rule concerning the internal operations of deposit accounts between private citizens and financial institutions, a matter not enumerated among the powers granted to Congress. Such regulation pertains to the ordinary police powers over contracts and personal property, which are reserved to the States or the people. Even if Congress presumes to oversee an agency's action in this sphere, it cannot confer upon itself authority exceeding the constitutional bounds, as the subject lies beyond the strict limits of federal legislative powe…

Congress holds all legislative powers granted by the Constitution and may enact resolutions to check administrative actions undertaken pursuant to statutes of its own making. This joint resolution of disapproval exercises Congress's authority to maintain legislative primacy over executive rulemaking in areas of federal regulation, such as financial protections incidental to commerce among the states, thereby preserving the separation of powers and preventing undue accumulation of authority in the executive branch.

Congress, vested with all legislative powers by Article I, Section 1, possesses the authority to enact measures supervising the execution of its own statutes by executive bureaus, such as the Bureau of Consumer Financial Protection. The proposed joint resolution, functioning as a law requiring passage by both Houses and presentment to the President under Article I, Section 7, constitutes a valid exercise of this authority. As affirmed in McCulloch v. Maryland (1819), the necessary and proper clause empowers Congress to select appropriate means, including oversight of agencies created to implem…