Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Financial Stability Oversight Council related to "Guidance on Nonbank Financial Company Determinations".

HJRES 120 is a joint resolution that would disapprove a rule issued by the Financial Stability Oversight Council (FSOC) regarding how the council identifies nonbank financial companies that could pose risks to the broader financial system. The rule, published in November 2023, provided guidance for designating such companies, which could affect their regulatory oversight. This resolution uses a congressional disapproval process under federal law to declare the rule ineffective, meaning it would have no legal force. If passed, it would prevent the FSOC from implementing this specific guidance in its regulatory work.