Metro Lex News

Washington, DC - Congressman Andy Barr, Chair of the Subcommittee on Financial Institutions and Monetary Policy, has expressed his support for the Government Accountability Office's (GAO) decision on Staff Accounting Bulletin 121 (SAB 121). In a statement released today, Barr commended the GAO for reining in what he considers to be the unaccountable Securities and Exchange Commission (SEC).

SAB 121, published by the SEC without public comment and engagement from prudential regulators, has been a cause for concern among financial institutions. Barr believes that this regulatory overreach has deterred these institutions from providing digital asset custody services, putting them at a competitive disadvantage. Barr asserts that it is not the role of the SEC to pick winners and losers in the capital markets, but rather to follow the administrative procedures established by Congress to ensure proper oversight.

"I applaud the GAO's recognition of this," Barr stated. He sees the GAO's decision as a positive step towards holding the SEC accountable and promoting fair practices in the financial sector.

The Government Accountability Office is an independent agency that provides auditing, evaluation, and investigative services for the United States Congress. Their decision on SAB 121 signifies their acknowledgement of the need for proper oversight and public engagement in regulatory processes.

Barr's statement emphasizes the importance of transparency and public input in regulatory decision-making. By highlighting the SEC's failure to engage in the Administrative Procedure Act (APA) process, Barr aims to shed light on the lack of public comment and engagement from prudential regulators in the publication of SAB 121.

This statement reflects the concerns raised by Barr and his commitment to ensuring a level playing field for financial institutions. Barr's role as Chair of the Subcommittee on Financial Institutions and Monetary Policy gives him a platform to address these issues and advocate for proper oversight and accountability in the SEC's decision-making process.

The GAO's decision on SAB 121 has not only caught the attention of Barr but also draws attention to the broader implications of regulatory overreach and the need for transparent and inclusive decision-making processes. As the debate continues, the focus remains on striking a balance between regulatory oversight and fostering a competitive environment in the financial sector.

For additional details, please follow this link: https://barr.house.gov/press-releases?ID=21B4764E-40D5-40F4-AB69-08C488580639