SJRES134Referred to Committee

A joint resolution 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 "Truth in Lending (Regulation Z); Use of Digital User Accounts to Access Buy Now, Pay Later Loans".

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Introduced
In Committee
3
Passed One Chamber
4
Passed Both
5
Signed into Law
Failed — Did not pass vote
119th
Congress
2026-03-18
Introduced
0
Cosponsors
SJRES
ⓘ
Type

Sponsor

Jack Reed
Jack Reed
Democrat · RI · Senator
Votes with party: 81.0% (832 recorded votes)

Full profile: /officials/R000122

Source: Congress.gov · FEC

Cosponsors (0)

Members who have signed on to support this bill since introduction. Source: Congress.gov.

No cosponsors on record. Bills can pass without cosponsors — this often means the sponsor introduced the bill alone, either because it's a messaging bill, a chairman's mark, or simply early in the legislative cycle.

Latest Action

The most recent step in the bill's legislative path. Committee Activity below shows referrals and reports; the full action-by-action history including floor proceedings lives at Congress.gov →

Motion to proceed to consideration of measure rejected in Senate by Voice Vote. (consideration: CR S2272)

2026-05-13

Source: Congress.gov

Committee Activity

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Plain-English Summary

Congress is considering blocking a decision by the Consumer Financial Protection Bureau to withdraw a rule that would have required "buy now, pay later" companies to disclose loan terms clearly to borrowers through digital accounts. If approved, this resolution would force the agency to keep the disclosure rule in place, ensuring consumers get transparent information about the costs and terms when they use services that let them split purchases into installments. The resolution targets a specific regulatory action rather than creating new law, and would primarily affect buy now, pay later lenders and their customers.

AI-assisted summary generated from the official bill metadata (title, subjects, actions) sourced from Congress.gov. Cached and reviewed. Always verify against the official text linked below.

Subjects

Finance and Financial Sector

Full Bill Text

Verbatim text published on Congress.gov via GovInfo. Use Cmd+F / Ctrl+F to search within this excerpt.

[Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S.J. Res. 134 Placed on Calendar Senate (PCS)] <DOC> Calendar No. 390 119th CONGRESS 2d Session S. J. RES. 134 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 ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES March 18, 2026 Mr. Reed introduced the following joint resolution; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs April 27, 2026 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c), and placed on the calendar _______________________________________________________________________ JOINT RESOLUTION 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 ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. Resolved by the Senate and House of Representatives of the United States of America in Congress assembled, That Congress disapproves the rule submitted by the Bureau of Consumer Financial Protection relating to the withdrawal of the rule relating to ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans, 89 Fed. Reg. 47068 (May 31, 2024)'' (90 Fed. Reg. 20084 (May 12, 2025)), and such rule shall have no force or effect. Calendar No. 390 119th CONGRESS 2d Session S. J. RES. 134 _______________________________________________________________________ JOINT RESOLUTION 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 ``Truth in Lending (Regulation Z); Use of Digital User Accounts To Access Buy Now, Pay Later Loans''. _______________________________________________________________________ April 27, 2026 Committee discharged, by petition, pursuant to 5 U.S.C. 802(c), and placed on the calendar
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