Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Rep. Mike Flood Official Headshot
Rep. Mike Flood, U.S. Representative for Nebraska's 1st District | Rep. Mike Flood Official Headshot
WASHINGTON, D.C. – Today, U.S. Congressman Mike Flood expressed his support for the passage of H.R. 2882, The Further Consolidated Appropriations Act, 2024. In a statement, Congressman Flood highlighted the significance of the appropriations package in controlling federal spending and strategically investing in defense.
Acknowledging the collaborative effort involved in securing conservative wins, Congressman Flood extended his gratitude, stating, "Today’s appropriations package helps control federal spending while strategically investing in defense spending. Thank you to Speaker Johnson for his work to secure these conservative wins while having to negotiate with Democrats who control the Senate and White House."
Furthermore, the package included report language championed by Rep. Flood that challenges the U.S. Securities & Exchange Commission’s (SEC) Staff Accounting Bulletin (SAB) 121. Congressman Flood emphasized the importance of this inclusion, noting, "The SEC issued SAB 121 without conferring with prudential regulators despite the accounting standard’s effects on financial institutions’ treatment of custodial assets. The language passed in this package requires the SEC to conduct this consultation, and I’ll be eagerly following up with the SEC to track their progress in complying with this new directive from Congress."
This development marks a significant step in addressing the concerns surrounding SAB 121 and its implications for banks providing custodial services to digital assets investors.
For more details on the Fiscal Year 2024 appropriations package, interested individuals can find additional information here.
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