Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs".

# Summary of HJRES 53 **What It Would Do:** This bill would reject a rule created by the Securities and Exchange Commission (SEC) that requires mutual funds and open-end investment funds to report certain information about their liquidity (how easily they can convert investments to cash) and implement programs to manage liquidity risks. If passed, the SEC rule would be disapproved and effectively canceled. **Who It Affects:** The rule primarily impacts mutual fund companies and investors who own mutual funds. It could also affect financial regulators and the SEC's ability to oversee fund risk management.

Individual investors may be indirectly affected if this transparency requirement is removed, as they might have less detailed information about their funds' financial health. **Current Status:** The bill, introduced by Representative Andrew Clyde (R-GA), is currently in committee and has not yet been voted on by the full House. Congress can use this "disapproval" process to overturn federal agency rules they believe are problematic. The SEC would need to address Congress's concerns or the rule would remain blocked if the bill passes both chambers.