A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Land Management relating to "Buffalo Field Office Record of Decision and Approved Resource Management Plan Amendment".

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Bill ID: 119/sjres/89
Last Updated: December 1, 2025

Sponsored by

Sen. Lummis, Cynthia M. [R-WY]

ID: L000571

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The bill

A joint resolution providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Bureau of Land Management relating to "Buffalo Field Office Record of Decision and Approved Resource Management Plan Amendment".

SJRES. 89, 119th Congress — read as touching Oil & Gas.

The sponsor

Sen. Lummis, Cynthia M. [R-WY]

Every bill has someone who introduced it. That name is where the paper trail starts.

The money

$79,770 raised

20 itemised contributions to this sponsor, pulled from FEC filings.

The alignment

95% match to Project 2025

This bill's text tracks the "Department of the Interior" section, p. 572-574 of the Mandate for Leadership.

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Bill Summary

Another masterpiece of legislative theater, courtesy of Senators Lummis and Barrasso. This joint resolution is a perfect example of how politicians love to play doctor with the economy, without actually understanding the diagnosis.

Let's dissect this farce:

**The "disease"**: The Bureau of Land Management (BLM) has issued a rule related to land management in the Buffalo Field Office. Oh no, the horror! This must be stopped at all costs... or so our intrepid senators claim.

**Symptoms**: The BLM's rule is allegedly an affront to the sacred principles of "energy independence" and "state sovereignty." Cue the violins. In reality, this is just a thinly veiled attempt to appease fossil fuel lobbyists and their deep-pocketed donors.

**Treatment**: Senators Lummis and Barrasso prescribe a healthy dose of congressional disapproval, which will magically render the BLM's rule null and void. Because, you know, Congress knows better than those pesky bureaucrats at the BLM.

**Affected industries and sectors**: The usual suspects: fossil fuel companies, mining interests, and other extractive industries that want to pillage public lands without any pesky regulations getting in the way.

**Compliance requirements and timelines**: None, really. This is just a symbolic gesture designed to placate special interest groups. Don't worry about actual enforcement or consequences; this is all just for show.

**Enforcement mechanisms and penalties**: Ha! Who needs those when you have empty rhetoric and campaign promises? The real penalty here is the damage to our environment and public health, but hey, that's not on the radar of these senators.

**Economic and operational impacts**: Let's be real; this bill is a Trojan horse for the fossil fuel industry. It will lead to more drilling, mining, and environmental degradation, all while lining the pockets of corporate donors. The economic impact? A slight increase in GDP, perhaps, but at what cost to our planet?

In conclusion, SJRES 89 is a textbook case of legislative malpractice. Our esteemed senators are playing politics with the environment, and we're all just pawns in their game of special interest group appeasement. Bravo, Senators Lummis and Barrasso! You've managed to create a bill that's as useful as a placebo pill for a terminal illness.

Related Topics

Public Lands & Natural ResourcesFederal Budget & Appropriations
Generated using Llama 3.1 70B (Dr. Haus personality)

💰 Campaign Finance Network

Sen. Lummis, Cynthia M. [R-WY]

Congress 119 • 2024 Election Cycle

Total Contributions
$79,770
15 donors
PACs
$0
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$79,770

No PAC contributions found

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HEGYI, ALBERT P
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$9,900
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CASCARILLA, MARISSA
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$7,000
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CASCARILLA, CHARLES
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DOWNS, RAISSA
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$6,900
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MANDELBLATT, DANIELLE
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GARLINGHOUSE, BRADLEY K. MR.
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$6,600
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SAMANI, PYAHM
1 transaction
$5,800
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SCARAMUCCI, ANTHONY
1 transaction
$3,435
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HOBART, ROBERT
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HOLDING, KATHLEEN MS.
1 transaction
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CONNAUGHTON, JAMES
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STROPKO, LANDON
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HALE, ROBERT
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WINKLEVOSS, TYLER
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Donor Network - Sen. Lummis, Cynthia M. [R-WY]

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Total contributions: $79,770

Top Donors - Sen. Lummis, Cynthia M. [R-WY]

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15 Individuals

Industry Impact

Which industries are materially affected by specific provisions in this bill. 3 helped.

  • +Oil & Gasconfidence 0.90

    The joint resolution disapproves a BLM rule related to the Buffalo Field Office Record of Decision and Approved Resource Management Plan Amendment, which likely imposed restrictions on oil and gas activities; disapproval removes those restrictions, benefiting the oil and gas industry.

  • By overturning the BLM rule that may have restricted energy development, the resolution benefits midstream energy infrastructure such as pipelines and storage associated with oil and gas production in the region.

  • +Coal Miningconfidence 0.80

    Disapproval of the BLM resource management plan amendment likely removes constraints on coal mining in the Buffalo Field Office area, providing a benefit to coal mining operations.

Project 2025 Policy Matches

This bill shows semantic similarity to the following sections of the Project 2025 policy document.AI-enhanced analysis provides detailed alignment ratings.

Department of the Interior

Very Strong
Vector: 63%
Pages: 572-574AI Enhanced

AI Analysis:

"SJRES 89 seeks to overturn a BLM resource management rule that likely imposes restrictions on energy development, directly supporting Project 2025's goal of expanding American energy independence and reducing regulatory burdens on federal lands."

Key themes:energy developmentfederal land managementregulatory rollbackresource planningBureau of Land Management

— 539 — Department of the Interior ENDNOTES 1. See generally William Perry Pendley, Sagebrush Rebel: Reagan’s Battle with Environmental Extremists and Why It Matters Today (Regnery, 2013), preface, pp. xvi-xxii. 2. U.S. Const. art. IV, § 3, cl. 2. “The Congress shall have Power to dispose of and make all needful Rules and Regulations respecting the Territory or other Property belonging to the United States.” 3. In Wyoming, the federal government owns 48 percent of the land; in Wyoming’s Teton County, the federal government owns 97 percent of the land. 4. Pendley, Sagebrush Rebel. 5. Keith Schneider, “The 1992 Campaign; Bush on the Environment: A Record of Contradictions,” New York Times, July 4, 1992, https://www.nytimes.com/1992/07/04/us/the-1992-campaign-bush-on-the-environment-a- record-of-contradictions.html (accessed March 15, 2023). 6. William Perry Pendley, War on the West: Government Tyranny on America’s Great Frontier (Regnery, 1995). 7. William Perry Pendley, “Bureau of Land Management Yesterday and Today: Energy Independence,” Cowboy State Daily, April 5, 2022, https://cowboystatedaily.com/2022/04/05/bureau-of-land-management- yesterday-and-today-energy-independence/ (accessed March 15, 2023). 9. Ibid. 9. William Perry Pendley, “Perspective: Biden’s War on Western Energy,” The Gazette, November 6, 2022, https:// gazette.com/opinion/perspective-biden-s-war-on-western-energy/article_3823a584-5bb2-11ed-a598- 235c22e34687.html (accessed March 15, 2023). 10. Ibid. 11. Multiple-Use Sustained-Yield Act of 1960, Public Law 86–517. 12. Federal Register, Vol. 86, No. 159 (August 20, 2021), pp. 46873–46877. 13. Federal Register, Vol. 86, No. 19 (February 1, 2021), pp. 7619–7633, and White House, “Executive Order on Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis,” January 20, 2021, https://www.whitehouse.gov/briefing-room/presidential-actions/2021/01/20/executive-order- protecting-public-health-and-environment-and-restoring-science-to-tackle-climate-crisis/ (accessed March 16, 2023). 14. National Environmental Policy Act, Public Law 91–160. 15. Antiquities Act of 1906, Public Law 59–209. 16. “You know what there’s not is a shall for? ‘I shall manage the land to stop climate change,’ or something similar to that,” Secretary of the Interior David Bernhardt testified. “You guys come up with the shalls.” Chris D’Angelo, “Interior Secretary Blames Congress for His Inaction on Climate Change,” High Country News, May 9, 2019. 17. Federal Land Policy and Land Management Act of 1976, Public Law 94–579; Outer Continental Shelf Lands Act, Public Law 95–372; and 30 U.S.C. § 21 et seq. 18. U.S. Department of the Interior, “Order No. 3398: Revocation of Secretary’s Orders Inconsistent with Protecting Public Health and the Environment and Restoring Science to Tackle the Climate Crisis,” April 16, 2021, https://www.doi.gov/sites/doi.gov/files/elips/documents/so-3398-508_0.pdf (accessed March 16, 2023). 19. U.S. Department of the Interior, “Order No. 3348: Concerning the Federal Coal Moratorium,” March 29, 2017, https://www.doi.gov/sites/doi.gov/files/uploads/so_3348_coal_moratorium.pdf (accessed March 16, 2023). 20. U.S. Department of the Interior, “Order No. 3349: American Energy Independence,” March 29, 2017, https:// www.doi.gov/sites/doi.gov/files/uploads/so_3349_-american_energy_independence.pdf (accessed March 16, 2023). 21. U.S. Department of the Interior, “Order No. 3350: America First Offshore Energy Strategy,” May 1, 2017, https://www.doi.gov/sites/doi.gov/files/press-release/secretarial-order-3350-offshore-508.pdf (accessed March 16, 2023). 22. U.S. Department of the Interior, “Order No. 3351: Strengthening the Department of the Interior’s Energy Portfolio,” May 1, 2017, https://www.doi.gov/sites/doi.gov/files/press-release/secretarial-order-3351-energy- counselor-508.pdf (accessed March 16, 2023). 23. U.S. Department of the Interior, “Order No. 3352: National Petroleum Reserve—Alaska,” May 31, 2017, https:// www.doi.gov/sites/doi.gov/files/uploads/so-3352.pdf (accessed March 16, 2023). — 540 — Mandate for Leadership: The Conservative Promise 24. U.S. Department of the Interior, “Order No. 3354: Supporting and Improving the Federal Onshore Oil and Gas Leasing Program and Federal Solid Mineral Leasing Program, July 6, 2017, https://www.doi.gov/sites/doi.gov/ files/uploads/so_-_3354_signed.pdf (accessed March 16, 2023). 25. U.S. Department of the Interior, “Order No. 3355: Streamlining National Environmental Policy Reviews and Implementation of Executive Order 13807, “Establishing Discipline and Accountability in the Environmental Review and Permitting Process for Infrastructure Projects,” August 31, 2017, https://www.doi.gov/sites/doi.gov/ files/elips/documents/3355_-_streamlining_national_environmental_policy_reviews_and_implementation_ of_executive_order_13807_establishing_discipline_and_accountability_in_the_environmental_review_ and_permitting_process_for.pdf (accessed March 16, 2023). 26. U.S. Department of the Interior, “Order No. 3358: Executive Committee for Expedited Permitting,” October 25, 2017, https://www.doi.gov/sites/doi.gov/files/elips/documents/so_3358_executive_committee_for_ expedited_permitting_0.pdf (accessed March 16, 2023). 27. U.S. Department of the Interior, “Order No. 3360: Rescinding Authorities Inconsistent with Secretary’s Order 3349, “American Energy Independence,” December 22, 2017, https://www.doi.gov/sites/doi.gov/files/elips/ documents/3360_-_rescinding_authorities_inconsistent_with_secretarys_order_3349_american_energy_ independence.pdf (accessed March 16, 2023). 28. U.S. Department of the Interior, “Order No. 3380: Public Notice of the Costs Associated with Developing Department of the Interior Publications and Similar Documents,” March 10, 2020, https://www.doi.gov/sites/ doi.gov/files/elips/documents/so-3398-508_0.pdf (accessed March 16, 2023). 29. U.S. Department of the Interior, “Order No. 3385: Enforcement Priorities,” September 14, 2020, https:// www.doi.gov/sites/doi.gov/files/elips/documents/signed-so-3385-enforcement-priorities.pdf (accessed March 16, 2023). 30. U.S. Department of the Interior, “Order 3389: Coordinating and Clarifying National Historic Preservation Act Section 106 Reviews,” September 14, 2020, https://www.doi.gov/sites/doi.gov/files/elips/documents/signed- so-3385-enforcement-priorities.pdf (accessed March 16, 2023). 31. Bureau of Land Management, “Updating Oil and Gas Leasing Reform: Land Use Planning and Lease Parcel Reviews,” IM 2018–034, January 31, 2018, https://www.blm.gov/policy/im-2018-034 (accessed March 16, 2023). 32. Lease Now Act, S. 4228, 117th Cong., 2nd Sess. (2022). 33. ONSHORE Act, S. 218, 116th Cong., 2nd Sess. (2019). https://www.congress.gov/bill/116th-congress/senate- bill/218/text (accessed March 18, 2023). 34. Federal Register, Vol. 87, No. 130 (July 8, 2022), pp. 40859–40863. 35. The Biden Administration’s 2023–2028 proposed program is fatally flawed. Katie Tubb, “Comment for the 2023–2028 National OCS Oil and Gas Leasing Proposed Program,” BOEM–2022–0031, October 6, 2022, http:// thf_media.s3.amazonaws.com/2022/Regulatory_Comments/BOEM%202023-2028%20lease%20plan%20 comment%20KTubb.pdf (accessed March 16, 2023). 36. See Inflation Reduction Act of 2022, Public Law No. 117–169, §§ 50261–50263. 37. Tax Cuts and Jobs Act of 2017, Public Law No. 115–97, § 20001, and U.S. Department of the Interior, “Order No. 3401: Comprehensive Analysis and Temporary Halt on All Activities in the Arctic National Wildlife Refuge Relating to the Coastal Plain Oil and Gas Leasing Program,” June 1, 2021, https://www.doi.gov/sites/doi.gov/files/elips/ documents/so-3401-comprehensive-analysis-and-temporary-halt-on-all-activitives-in-the-arctic-national- wildlife-refuge-relating-to-the-coastal-plain-oil-and-gas-leasing-program.pdf (accessed March 16, 2023). 38. In 2016, Interior Secretary Sally Jewell instituted a moratorium on new coal leases while conducting a programmatic environmental impact statement under NEPA to address concerns about competition and inconsistency with the Obama Administration’s climate policy. In 2017, Interior Secretary Ryan Zinke lifted the moratorium and ended development of a programmatic environmental impact statement. In April 2021, Interior Secretary Debra Haaland rescinded Zinke’s order and initiated a new review of the coal-leasing program. See U.S. Department of the Interior, “Order No. 3338: Discretionary Programmatic Environmental Impact Statement to Modernize the Federal Coal Program,” January 15, 2016, https://www.doi.gov/sites/doi. gov/files/elips/documents/archived-3338_-discretionary_programmatic_environmental_impact_statement_ to_modernize_the_federal_coal_program.pdf (accessed March 16, 2023); U.S. Department of the Interior, “Order No. 3348”; U.S. Department of the Interior, “Order No. 3398”; and Federal Register, Vol. 86, No. 159 (August 20, 2021), pp. 46873–46877.

Department of Energy and Related Commissions

Weak
Vector: 61%
Pages: 443-445AI Enhanced

AI Analysis:

"SJRES 89 focuses on disapproving a Bureau of Land Management rule related to land use and resource management in a specific field office, which is primarily under the Department of the Interior, not the Department of Energy. While energy development (e.g., oil, gas, renewables) may be affected by the rule, the bill does not directly engage with DOE-specific priorities such as grid security, nuclear energy, fossil energy programs, or DOE budget restructuring outlined in the Project 2025 section."

Key themes:energy developmentresource managementfederal agency oversight

— 411 — Department of Energy and Related Commissions 19. President Donald J. Trump, Executive Order 13920, “Securing the United States Bulk-Power System,” May 1, 2020, in Federal Register, Vol. 85, No. 86 (May 4, 2020), pp. 26595–26599, https://www.govinfo.gov/content/ pkg/FR-2020-05-04/pdf/2020-09695.pdf (accessed February 13, 2023). 20. 18 U.S. Code § 824a(c), https://www.law.cornell.edu/uscode/text/16/824a (accessed February 27, 2023). 21. Report No. 117-98, Energy and Water Development and Related Agencies Appropriations Bill, 2022, Committee on Appropriations, U.S. House of Representatives, 117th Cong. 1st Sess., July 20, 2021, p. 6, https:// www.congress.gov/117/crpt/hrpt98/CRPT-117hrpt98.pdf (accessed February 13, 2023). 22. H.R. 3684, Infrastructure Investment and Jobs Act, Public Law No. 11-58, 117th Congress, November 15, 2021, Division J, Title III. 23. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, p. 7. 24. Timothy Gardner, “White House Asks Congress for $500 mln to Modernize Oil Reserve,” Reuters, November 16, 2022, https://www.reuters.com/article/usa-oil-spr-idAFL1N32C36I (accessed February 13, 2023). 25. U.S. Department of Energy, Office of Electricity, “Our History,” https://www.energy.gov/oe/about-us/our- history (accessed February 13, 2023). 26. Press release, “Secretary of Energy Signs Order to Mitigate Security Risks to the Nation’s Electric Grid,” U.S. Department of Energy, December 17, 2021, https://www.energy.gov/articles/secretary-energy-signs-order- mitigate-security-risks-nations-electric-grid (accessed February 13, 2023). 27. U.S. Department of Energy, Office of Electricity, “Revocation of Prohibition Order Securing Critical Defense Facilities,” Federal Register, Vol. 86, No. 76 (April 22, 2021), pp. 21308–21309, https://www.govinfo.gov/ content/pkg/FR-2021-04-22/pdf/2021-08483.pdf (accessed February 13, 2023). 28. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19 and 61. 29. U.S. Department of Energy, Office of Nuclear Energy, “About Us,” https://www.energy.gov/ne/about-us (accessed February 13, 2023). 30. H.R. 3809, Nuclear Waste Policy Act of 1982, Public Law No. 97-425, 97th Congress, January 7, 1983, https:// www.congress.gov/97/statute/STATUTE-96/STATUTE-96-Pg2201.pdf (accessed February 24, 2023). 31. The Heritage Foundation, “Budget Blueprint for Fiscal Year 2023: Reduce the DOE Office of Nuclear Energy,” https://www.heritage.org/budget/pages/recommendations/1.270.127.html. 32. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 23 and 58. 33. 42 USC § 16291, https://www.law.cornell.edu/uscode/text/42/16291 (accessed February 27, 2023). 34. U.S. Department of Energy, Office of Fossil Energy and Carbon Management, “About Us: Mission,” https:// www.energy.gov/fecm/mission (accessed February 13, 2023). 35. U.S. Government Accountability Office, Carbon Capture and Storage: Actions Needed to Improve DOE Management of Demonstration Projects, GAO-22-105111, December2021, https://www.gao.gov/assets/gao-22- 105111.pdf (accessed February 13, 2023). 36. International Energy Agency, The Role of Critical Minerals in Clean Energy Transitions, World Energy Outlook Special Report, revised March 2022, https://iea.blob.core.windows.net/assets/ffd2a83b-8c30-4e9d-980a- 52b6d9a86fdc/TheRoleofCriticalMineralsinCleanEnergyTransitions.pdf (accessed February 13, 2023). 37. See 42 U.S. Code § 16291. 38. 42 U.S. Code Ch. 55, §§ 4321–4347, https://www.law.cornell.edu/uscode/text/42/chapter-55 (accessed February 27, 2023). 39. Nuclear Regulatory Commission, “Categorical Exclusions from Environmental Review,” Advance Notice of Proposed Rulemaking; Request for Comment, Federal Register, Vol. 86, No. 87 (May 7, 2021), pp. 24514–24516, https://www.govinfo.gov/content/pkg/FR-2021-05-07/pdf/2021-09675.pdf (accessed February 27, 2023), and Nuclear Regulatory Commission, “Categorical Exclusions from Environmental Review,” Advance Notice of Proposed Rulemaking; Reopening of Comment Period, Federal Register, Vol. 86, No. 160 (August 23, 2021), pp. 47032–47033, https://www.govinfo.gov/content/pkg/FR-2021-08-23/pdf/2021-18058.pdf (accessed February 27, 2023). 40. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19, 21, 23, and 52. — 412 — Mandate for Leadership: The Conservative Promise 41. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 3, 6, 12, 19, 21, and 23. 42. S. 622, Energy Policy and Conservation Act, Public Law 94-163, 94th Congress, December 22, 1975, https:// www.congress.gov/94/statute/STATUTE-89/STATUTE-89-Pg871.pdf (accessed February 27, 2023). 43. H.R. 6, Energy Policy Act of 2005, Public Law No. 109-58, 109th Congress, August 8, 2005, https://www. congress.gov/109/plaws/publ58/PLAW-109publ58.pdf (accessed February 27, 2023). 44. U.S. Department of Energy, Office of Energy Efficiency and Renewable Energy, “About the Office of Energy Efficiency and Renewable Energy,” https://www.energy.gov/eere/about-office-energy-efficiency-and- renewable-energy (accessed February 28, 2023). 45. Ibid. 46. See note 41, supra. 47. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 19, 23, 43, and 49. 48. See U.S. Department of Energy, Grid Deployment Office, “About Us,” https://www.energy.gov/gdo/about-us (accessed February 13, 2023). 49. U.S. Department of Energy, Grid Deployment Office, “Building a Better Grid Initiative,” https://www.energy. gov/gdo/building-better-grid-initiative (accessed February 13, 2023). 50. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, pp. 2, 19, 21, 23, and 84. “The FY 2023 Budget Request to Congress proposes to split the Electricity appropriation account into two accounts: Electricity and Grid Deployment Office (GDO). Had the proposed FY 2023 structure been in place in FY 2021 and FY 2022, the $7,000,000 shown under the Electricity account’s Transmission Permitting and Technical Assistance (TPTA) program would have appeared under Grid Technical Assistance in GDO and the $3,000,000 shown under Program Direction in the Electricity account represents the estimated share of Electricity PD funding associated with TPTA and would have appeared under Program Direction in GDO.” Ibid., p. 84, note. 51. U.S. Department of Energy, Office of Clean Energy Demonstrations, “About Us: Our Mission,” https://www. energy.gov/oced/about-us (accessed February 13, 2023). 52. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, p. 6. 53. U.S. Department of Energy, Office of Clean Energy Demonstrations, “About Us: Our Story,” https://www. energy.gov/oced/about-us (accessed February 28, 2023). 54. U.S. Department of Energy, Office of Clean Energy Demonstrations, “OCED Project Portfolio,” https://www. energy.gov/oced/office-clean-energy-demonstrations (accessed February 28, 2023). 55. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Volume 3, Cybersecurity, Energy Security, and Emergency Response, Federal Energy Management Program, Grid Deployment Office, Indian Energy Policy & Programs, Loan Programs, Manufacturing & Energy Supply Chains, Office of Clean Energy Demonstrations, Petroleum Reserves, Power Marketing Administrations, State and Community Energy Programs, April 2022, p. 104, https://www.energy. gov/sites/default/files/2022-09/doe-fy2023-budget-volume-3-v2.pdf (accessed February 13, 2023). 56. See, for example, ibid., pp. 104 and 107. 57. U.S. Department of Energy, Loan Program Office, “LPO Year in Review 2022: New Legislation,” January 5, 2023, https://www.energy.gov/lpo/articles/lpo-year-review-2022 (accessed February 28, 2023). Emphases in original. 58. H.R. 6256, To Ensure That Goods Made with Forced Labor in the Xinjiang Uyghur Autonomous Region of the People’s Republic of China Do Not Enter the United States Market, and for Other Purposes, Public Law No. 117-78, 117th Congress, December 23, 2021, https://www.congress.gov/117/plaws/publ78/PLAW-117publ78.pdf (accessed February 28, 2023). 59. H.R. 2272, America COMPETES Act, Public Law 110–69, 110th Congress, August 9, 2007, § 5012, https://www. congress.gov/110/plaws/publ69/PLAW-110publ69.pdf (accessed February 13, 2023). 60. Ibid., § 5012(c)(1). 61. U.S. Department of Energy, Office of Chief Financial Officer, Department of Energy FY 2023 Congressional Budget Request, Budget in Brief, March 2022, p. 103.

Financial Regulatory Agencies

Minimal
Vector: 61%
Pages: 872-874AI Enhanced

AI Analysis:

"SJRES 89 focuses on disapproving a Bureau of Land Management rule related to land management and resource planning, while the Project 2025 policy section addresses abolishing the Consumer Financial Protection Bureau (CFPB) and reforming financial regulatory agencies. There is no thematic or policy overlap between the two."

— 839 — Financial Regulatory Agencies On February 27, 2023, the Supreme Court granted the petition for a writ of certiorari.51 The Court should issue its final decision by 2024. The CFPB is a highly politicized, damaging, and utterly unaccountable federal agency.52 It is unconstitutional. Congress should abolish the CFPB and reverse Dodd–Frank Section 1061, thus returning the consumer protection function of the CFPB to banking regulators53 and the Federal Trade Commission. Provided the Supreme Court affirms the Fifth Circuit holding in Community Financial Ser- vices Association of America, the next conservative President should order the immediate dissolution of the agency—pull down its prior rules, regulations and guidance, return its staff to their prior agencies and its building to the General Services Administration. Until this can be accomplished, however, Congress should: l Ensure that any civil penalty funds not used to recompense wronged consumers go to the Department of the Treasury. The funds should not be retained by the Bureau to be dispensed at the pleasure of the Director— potentially to political actors. Moreover, the CFPB should not have a financial incentive to impose penalties. l Repeal Dodd–Frank Section 1071. This section, which relates to small- business data collection, imposes requirements on financial institutions’ lending to small firms, raises costs, and limits small businesses’ access to capital.54 l Require that no CFPB funds are spent on enforcement actions that are not based on a rulemaking that complies with the Administrative Procedure Act.55 l Require that respondents in administrative actions be allowed to elect whether an adjudication occurs in an administrative law court or an ordinary Article III federal court.56 l Specify the nature of “deceptive, unfair, and abusive” practices to define the scope of the CFPB mission more precisely. — 840 — Mandate for Leadership: The Conservative Promise ENDNOTES 1. H.R. 5480, Securities Act of 1933, Public Law No. 73-22, 73rd Congress, May 27, 1933, https://govtrackus. s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg74.pdf (accessed February 20, 2023). 2. H.R. 9323, Securities Exchange Act of 1934, Public Law No. 73-291, 73rd Congress, June 6, 1934, https:// govtrackus.s3.amazonaws.com/legislink/pdf/stat/48/STATUTE-48-Pg881a.pdf (accessed February 20, 2023). 3. Mark T. Uyeda, Commissioner, U.S. Securities and Exchange Commission, “Remarks at the 2022 Cato Summit on Financial Regulation,” November 17, 2022, https://www.sec.gov/news/speech/uyeda-remarks- cato-summit-financial-regulation-111722 (accessed February 20, 2023); Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute,” December 7, 2022, https://www.sec.gov/news/speech/peirce-remarks-american-enterprise-institute-120722 (accessed February 20, 2023); comment letter from David R. Burton to Vanessa A. Countryman, Secretary, Securities and Exchange Commission, “Re: The Enhancement and Standardization of Climate-Related Disclosures for Investors [File No. S7-10-2; Release No. 33-11042; RIN 3235-AM87],” June 17, 2022, https://www. sec.gov/comments/s7-10-22/s71022-20131980-302443.pdf (accessed February 20, 2023). 4. Size would probably be measured best by public float or the number of beneficial owners. 5. See David R. Burton, “Securities Disclosure Reform,” Heritage Foundation Backgrounder No. 3178, February 13, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3178.pdf; David R. Burton, “Offering and Disclosure Reform,” Chapter 11 in Reframing Financial Regulation: Enhancing Stability and Protecting Consumers, ed. Hester Peirce and Benjamin Klutsey (Arlington, VA: Mercatus Center at George Mason University, 2016), pp. 277–315, https://www.mercatus.org/research/books/reframing-financial-regulation (accessed February 20, 2023); Andrew N. Vollmer, “Investor-Friendly Securities Reform to Increase Economic Growth,” Securities Regulation & Law Report, Bloomberg BNA, Vol. 49, June 5, 2017. 6. See, for example, David R. Burton, “Reforming the Securities and Exchange Commission,” Heritage Foundation Backgrounder No. 3378, January 30, 2019, https://www.heritage.org/sites/default/files/2019-01/ BG3378.pdf; Andrew N. Vollmer, “Testimony on Workforce Management Disclosures and Other SEC Issues,” submitted to the Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets, Committee on Financial Services, U.S. House of Representatives, December 6, 2022, https://www.congress.gov/117/ meeting/house/115227/witnesses/HHRG-117-BA16-Wstate-VollmerA-20221208.pdf (accessed February 20, 2023); David R. Burton, “Reforming FINRA,” Heritage Foundation Backgrounder No. 3181, February 1, 2017, https://www.heritage.org/sites/default/files/2017-02/BG3181.pdf; Hester Peirce, “The Financial Industry Regulatory Authority: Not Self-Regulation After All,” Mercatus Center at George Mason University Working Paper, January 2015, https://www.mercatus.org/research/working-papers/financial-industry-regulatory- authority-not-self-regulation-after-all (accessed February 20, 2023); Thaya Brook Knight, “Transparency and Accountability at the SEC and at FINRA,” Chapter 11 in Prosperity Unleashed: Smarter Financial Regulation, ed. Norbert J. Michel, (Washington: The Heritage Foundation, 2017) https://www.heritage.org/sites/default/ files/2017-02/11_ProsperityUnleashed_Chapter11.pdf. 7. Reorganization Plan No. 10 of 1950, U.S. Code Title 5—Appendix, Reorganization Plans, http://uscode.house. gov/view.xhtml?req=granuleid:USC-prelim-title5a-node84-leaf114&num=0&edition=prelim (accessed February 20, 2023). 8. The board or commission should evaluate the regulatory functions of the National Securities Exchanges, Registered Securities Future Product Exchanges, Registered Clearing Agencies (such as the Depository Trust Company (DTC), the National Securities Clearing Corporation (NSCC) and the Options Clearing Corporation (OCC)), the Municipal Securities Rulemaking Board (MSRB) and the National Futures Association (NFA). This board or commission should have a broad composition and permit minority reports. 9. Boyden Gray & Associates, Comments Submitted on Behalf of Alliance for Fair Board Recruitment Concerning the Nasdaq Stock Market LLC; Notice of Filing of Proposed Rule Change to Adopt Listing Rules Related to Board Diversity, Amendment No. 1, File No. SR-NASDAQ-2020-081, April 6, 2021 https://www.sec.gov/ comments/sr-nasdaq-2020-081/srnasdaq2020081-8639478-230941.pdf (accessed February 20, 2023); David R. Burton, “Nasdaq’s Proposed Board-Diversity Rule Is Immoral and Has No Basis in Economics,” Heritage Foundation Backgrounder No. 3591, March 9, 2021, https://www.heritage.org/sites/default/ files/2021-03/BG3591_0.pdf. The SEC is contemplating at least two rules that can be expected to require differential treatment based on race, sex, ethnicity, and so on. See Executive Office of the President, Office

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