What This Bill Does · Plain English
Summary · Congress.gov
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
Top Winners · Companies that benefit if SJRES.28 passes
80% confidence
The bill disapproves a CFPB rule that would subject 'larger participants' in digital consumer payment apps to supervision. PayPal is a major provider of such services and would avoid new regulatory oversight if the rule is blocked.
75% confidence
Blocking the CFPB rule prevents new supervisory authority over large digital payment providers. Block's Cash App is a prominent general-use digital payment application and would be a likely 'larger participant' under the rule.
70% confidence
Apple Pay is a major general-use digital consumer payment application. The disapproved rule would have applied CFPB supervision to such large participants, so blocking it benefits Apple by avoiding this new regulatory layer.
65% confidence
Google Pay is a general-use digital payment application. The bill blocks a rule that would subject large providers like Google to CFPB supervision.
Top winners identified by GovGreed LLM analysis.
Vote Breakdown · How Congress voted on SJRES.28
Senate
408-378
PASSED
Republicans
408 yea
8 nay
Democrats
0 yea
354 nay
Independents
0 yea
16 nay
House
105-90
PASSED
Democrats
0 yea
89 nay
Republicans
103 yea
0 nay
Independents
2 yea
1 nay
⚠️ 9 members broke with party on this vote
Action Timeline
2025-05-09
Signed by President.
2025-05-09
Signed by President.
2025-05-09
Became Public Law No: 119-11.
2025-05-09
Became Public Law No: 119-11.
2025-05-05
Presented to President.
2025-05-05
Presented to President.
2025-04-09
Considered as unfinished business. (consideration: CR H1532-1533)
2025-04-09
Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2)
2025-04-09
On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514)
2025-04-09
Motion to reconsider laid on the table Agreed to without objection.
Frequently Asked Questions
Did SJRES.28 pass?
Yes. SJRES.28 (A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".) was enacted into law. Bill stage: ENACTED.
What does SJRES.28 do?
This joint resolution nullifies the final rule issued by the Consumer Financial Protection Bureau (CFPB) titled Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications and published on December 10, 2024. The rule defines larger participants in the general-use digital consumer payment application market (i.e., payment apps) that are subject to CFPB supervisory authority. The rule defines larger participants in this market as nonbanks (1) with an annual volume of at least 50 million transactions, and (2) that are not small business concerns.
Who sponsored SJRES.28?
SJRES.28 was sponsored by Pete Ricketts (R-Nebraska).
What companies benefit from SJRES.28?
Top public companies expected to benefit: PYPL, SQ, AAPL. Affected sectors: finance, technology.
Who voted against SJRES.28?
9 members broke with their party on this vote. Notably, Josh Hawley (R) voted nay.
Full Bill Text
SJ 28 ENR: Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to “Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications”. U.S. Senate text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. One Hundred Nineteenth Congress of the United States of America 1st Session Begun and held at the City of Washington on Friday, the third day of January, two thousand and twenty five S. J. RES. 28 IN THE SENATE OF THE UNITED STATES JOINT RESOLUTION Disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications . That Congress disapproves the final rule submitted by the Bureau of Consumer Financial Protection relating to Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications (89 Fed. Reg. 99582 (December 10, 2024)), and such rule shall have no force or effect. Speaker of the House of Representatives Vice President of the United States and President of the Senate
Loading intelligence layer…