Senate resolution scraps OCC's 2024 bank merger review rule
Signed into lawS.J.Res. 13Latest action
Sponsor: John Kennedy · Senator · LA
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Official title: 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 of the Department of the Treasury relating to the review of applications under the Bank Merger Act.
119th Congress
Topics: Jobs & the economy
Introduced:
Read the official bill on Congress.govIn plain words
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Congress voted to cancel the OCC's 2024 rule that added scrutiny to bank merger reviews, reverting to prior standards.
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What does this do?
This bill uses the to cancel a September 2024 OCC rule that changed how bank mergers are reviewed under the Bank Merger Act. It doesn't create new rules; it removes the OCC's added scrutiny process, so mergers revert to the older review procedures and standards that existed before.
Who does it affect?
Banks considering mergers or acquisitions, and the OCC, which is now barred from reissuing a substantially similar rule without specific congressional approval.
Why does it matter?
Bank customers aren't directly affected right away, but changes to merger review standards could influence merger activity, local banking competition, and how thoroughly future deals are scrutinized for risks.
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This is law.
Where does it stand?
- IntroducedFeb 4, 2025
- Senate committee
- Senate vote
- House
- The president's desk
Right now: the president signed it. It's law.Now law
Latest action: — Became Public Law No: 119-19.
Recorded votes
Roll-call votes recorded since January 3, 2025.
House · · Roll call 137
As recorded
- Question
- On Passage
- Result:
- Passed
- 220
- Nay
- 207
- 0
- 6
Republicans 219 yes, 1 not voting · Democrats 1 yes, 207 no, 5 not voting
Official recordHow members voted
The official record lists how each member voted.Official record
Senate · · Roll call 237
As recorded
- Question
- On the S.J.Res. 13
- Result:
- Joint Resolution Passed
- 52
- Nay
- 47
- 0
- 1
Republicans 52 yes, 1 not voting · Democrats 45 no · Independents 2 no
Official recordHow members voted
The official record lists how each member voted.Official record
Senate · · Roll call 233
As recorded
- Question
- On the S.J.Res. 13
- Result:
- Motion to Proceed Agreed to
- 53
- Nay
- 46
- 0
- 1
Republicans 53 yes · Democrats 45 no · Independents 1 no, 1 not voting
Official recordHow members voted
The official record lists how each member voted.Official record