S.J.Res. 111 — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Revisions to the Large Financial Institution Rating System and Framework for the Supervision of Insurance Organizations".

S.J.Res. 111 — A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Board of Governors of the Federal Reserve System relating to "Revisions to the Large Financial Institution Rating System and Framework for the Supervision of Insurance Organizations". | JustPolicyThe main purpose of this legislative text is to allow Congress to disapprove a specific rule proposed by the Federal Reserve. This rule involves changes to how large financial institutions are rated and how insurance organizations are supervised. Essentially, Congress is taking a formal step to reject these revisions. The key provision of this resolution is that it states Congress does not approve the rule submitted by the Federal Reserve. This means that the proposed changes to the rating system and supervision framework will not be implemented and will have no legal effect.