SE Nebraska News

Rep. Mike Flood, currently serving in the U.S. Congress representing Nebraska's 1st district, recently shared a series of tweets detailing the process and challenges involved in repealing Staff Accounting Bulletin (SAB) 121. His statements highlight key events and efforts leading to this legislative change.

On January 24, 2025, Rep. Mike Flood tweeted about the repeal of SAB 121, emphasizing that it required "years of hard work," "bipartisan support," and "a change in the @WhiteHouse." He introduced his thread by inviting readers to explore the journey behind rescinding SAB 121. "What did it take to repeal Staff Accounting Bulletin (SAB) 121? Years of hard work. Bipartisan support. And a change in the @WhiteHouse."

In another tweet on the same day, he noted that in October 2023, the Government Accountability Office had declared SAB 121 subject to review under the Congressional Review Act. This step was crucial in moving towards its eventual repeal. "In October 2023, the Government Accountability Office declared that SAB 121 was subject to the Congressional Review Act."

Further elaborating on the origins of SAB 121, Rep. Flood pointed out that former SEC Chair Gary Gensler published this bulletin in 2022 without following standard regulatory processes. This context provides insight into why there was a push for its reassessment and eventual repeal. "In 2022, former @SECgov Chair @GaryGensler published SAB 121, circumventing the normal process for promulgating regulations."