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Financial Services Law Insights and Observations

Midnight Rules Relief Act of 2017

Federal Issues Trump Congress

Federal Issues

On January 4, the U.S. House of Representatives approved the Midnight Rule Relief Act—legislation that would allow Congress to repeal in a single vote any rule finalized in the last 60 legislative days of the Obama administration. The GOP-backed measure, was approved largely along party lines by a vote of 238-184 on the second day of the new Congress. If passed by the Senate and signed into law by the new President, the legislation would amend the Congressional Review Act (CRA) to allow lawmakers to bundle together multiple rules and overturn them “en bloc” with a joint resolution of disapproval. While the CRA only requires a simple majority to pass, current law requires Congress to review regulatory resolutions of disapproval one at a time. The legislation is presently pending before the Senate Homeland Security and Governmental Affairs Committee.