Proposing an amendment to the Constitution of the United States to limit the number of consecutive terms that a Member of Congress may serve.

House Joint Resolution

H.J.Res. 120

119th Congress

Proposing an amendment to the Constitution of the United States to limit the number of consecutive terms that a Member of Congress may serve.

In Committee

Introduced:Sep 11, 2025

Primary Sponsor

Seth Michael Magaziner

Representative

Democratic

RI-2

Cosponsors

10

Quick Stats

Policy Area

Finance and Financial Sector

Summary

This bill nullifies recent guidance from the Financial Stability Oversight Council that revised procedures for determining which nonbank financial companies must be supervised by the Federal Reserve. If passed, this would keep the previous oversight procedures in place.

Latest Action

Placed on the Union Calendar, Calendar No. 653.

AI Summary

Plain-English explanation of this bill

This bill nullifies recent guidance from the Financial Stability Oversight Council that revised procedures for determining which nonbank financial companies must be supervised by the Federal Reserve. If passed, this would keep the previous oversight procedures in place.

Last updated: 12/29/2025

Official Summary

Congressional Research Service summary

<p>This joint resolution nullifies the guidance issued by the Financial Stability Oversight Council titled <em>Guidance on Nonbank Financial Company Determinations</em> and published on November 17, 2023. The guidance revises council procedures for considering whether a nonbank financial company must be supervised by the Federal Reserve and subject to enhanced prudential standards.</p>

Key Points

Main provisions of the bill

Nullifies recent guidance from the Financial Stability Oversight Council that revised procedures for determining which nonbank financial companies must be supervised by the Federal Reserve
Maintains the previous oversight procedures rather than the new revised procedures
Affects the regulation and supervision of certain nonbank financial companies

How This Impacts Americans

Potential effects on citizens and communities

This bill would impact the regulation and supervision of certain nonbank financial companies, such as insurance companies, hedge funds, and other large financial firms. By maintaining the previous oversight procedures, it could mean more or fewer companies being subject to Federal Reserve supervision, depending on how the new guidance differed from the previous approach.

Policy Areas

Primary Policy Area

Finance and Financial Sector

Related Subjects

Financial crises and stabilization

Financial services and investments

Legislative rules and procedure

Scope & Jurisdiction

Jurisdiction Level

federal

Congressional Session

119th Congress

Citation Reference

120, 119th Congress (2025). "Proposing an amendment to the Constitution of the United States to limit the number of consecutive terms that a Member of Congress may serve.". Source: Voter's Right Platform. https://votersright.org/bills/118-hjres-120