**Senate Votes to Reject New Digital Payment Regulations**

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2 months ago - Politics

Senate Passes Resolution Against New Digital Payment Rules

In a significant decision that could change the way digital payment apps operate, the Senate approved a resolution that says "no" to a new rule from the Bureau of Consumer Financial Protection. This rule was designed to keep an eye on larger companies providing general digital payment services, like the mobile payment apps people use to send money or pay for things.

Senate Republicans pushed hard for this resolution and ultimately succeeded in passing it with a close vote of 51 to 47. By rejecting this rule, the Senate is blocking any new regulations that would have helped oversee how these digital payment companies do business.

This change means that there will be fewer rules for these companies. For everyday people, this could make using these apps easier or cheaper. However, it also raises some worries. Without strong rules in place, consumers may be more exposed to risks like fraud or poor service from these companies.

In simple terms, the Senate’s decision to pass this resolution is a big deal. It removes some protections that were meant to keep users safe when using digital payment services. As a result, people might find using their apps simpler, but they could also face more risks when managing their money online.

This is a resolution that stops a rule from the Bureau of Consumer Financial Protection. The rule tried to define who counts as a big player in the market for digital payment apps.

Here are the important details:

  • Congress decided that the rule will not be used at all.
  • This means that businesses that provide digital payment services won't have to follow this specific rule.
  • The resolution was introduced on February 27, 2025, and it was officially placed on the calendar for discussion shortly after.
  • About six senators, including Mr. Ricketts and Mr. Budd, supported this resolution.
  • The goal of the resolution is to remove the regulations that could have impacted how digital payment applications are run.
98 votes

Yes

51

No

47

Not Voting

2

  1. Presented to President.
  2. Motion to reconsider laid on the table Agreed to without objection.
  3. Passed/agreed to in House: On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2)
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  4. On passage Passed by the Yeas and Nays: 219 - 211 (Roll no. 95). (text: CR H1514: 2)
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  5. Considered as unfinished business. (consideration: CR H1532-1533)
  6. POSTPONED PROCEEDINGS - At the conclusion of debate on S.J. Res. 28, the Chair put the question on passage of the joint resolution and by voice vote, announced that the ayes had prevailed. Mr. Hill (AR) demanded the yeas and nays and the Chair postponed further proceedings until a time to be announced.
  7. The previous question was ordered pursuant to the rule.
  8. DEBATE - The House proceeded with one hour of debate on S.J. Res. 28.
  9. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
  10. Considered under the provisions of rule H. Res. 294. (consideration: CR H1514-1519)
  11. Rules Committee Resolution H. Res. 294 Reported to House. Rule provides for consideration of S.J. Res. 18, S.J. Res. 28, H.R. 1526 and H.R. 22. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28.
  12. Rule H. Res. 282 failed passage of House.
  13. Rules Committee Resolution H. Res. 282 Reported to House. Rule provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18 and S.J. Res. 28. The resolution provides for consideration of H.R. 22, H.R. 1526, S.J. Res. 18, and S.J. Res. 28 under a closed rule. The resolution provides for one hour of debate on each measure and one motion to recommit on H.R. 22 and H.R. 1526, and one motion to commit on S.J. Res. 18 and S.J. Res. 28. The resolution also provides that H. Res. 23 and H. Res. 164 are laid on the table.
  14. Held at the Desk
  15. Received in the House
  16. Message on Senate action sent to the House.
  17. Engrossed in Senate

    This is a decision by Congress to block a rule that was created to define which companies are considered large in the market for digital payment apps.

    • Congress disapproves the rule from the Bureau of Consumer Financial Protection.
    • This rule was meant to determine "Larger Participants" in the digital payment market.
    • By blocking this rule, it will not take effect and will not change how these companies operate.
    • The Senate passed this decision on March 5, 2025.
  18. Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106.
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  19. Passed/agreed to in Senate: Passed Senate without amendment by Yea-Nay Vote. 51 - 47. Record Vote Number: 106.
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  20. Considered by Senate. (consideration: CR S1503, S1510-1511, S1520-1521)
  21. Placed on Calendar Senate

    This is a resolution that stops a rule from the Bureau of Consumer Financial Protection. The rule tried to define who counts as a big player in the market for digital payment apps.

    Here are the important details:

    • Congress decided that the rule will not be used at all.
    • This means that businesses that provide digital payment services won't have to follow this specific rule.
    • The resolution was introduced on February 27, 2025, and it was officially placed on the calendar for discussion shortly after.
    • About six senators, including Mr. Ricketts and Mr. Budd, supported this resolution.
    • The goal of the resolution is to remove the regulations that could have impacted how digital payment applications are run.
  22. Introduced in Senate

    This is a resolution passed by Congress. It disapproves a rule made by the Bureau of Consumer Financial Protection.

    Key points:

    1. What the Rule Was About: The rule tried to define who qualifies as a "larger participant" in the market for digital payment apps that nearly everyone uses.

    2. What Congress Did: Congress decided that this rule should not be enforced. This means the rule won’t have any power or effect.

    3. Why This Matters: This action takes away regulations that could have affected digital payment apps used for everyday transactions, like buying things online or sending money to friends.

    By blocking this rule, Congress aims to keep the market for digital payments more flexible and less restricted.