US banking lobby last-minute bid to stop Biden vetoing SAB 121 overturn
The American Bankers Association claims that United States President Joe Biden’s move will “harm investors, customers, and ultimately the financial system.”
Just hours prior to United States President Joe Biden vetoing the Staff Accounting Bulletin (SAB) 121 repeal on May 31, the largest lobbying organization for the U.S. banking industry — American Bankers Association (ABA) — penned a letter in an attempt to sway his decision.
“Precluding regulated banking organizations from effectively providing digital asset safeguarding services at scale harms investors, customers, and ultimately the financial system,” the ABA wrote in a May 31 letter to Biden, just before he announced his decision to veto the Congressional resolution aimed at repealing the U.S. Securities and Exchange Commission (SEC) SAB 121 guidelines.
Even though both chambers of Congress, the House of Representatives and the Senate, voted in favor of repealing the SAB 121 guidance, Biden opted to use his presidential veto authority, preventing the guidance from being overturned.
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Author: Ciaran Lyons
