Clock ticking for regulators to Congressional Review Act

WASHINGTON — As Congress stirs back to life after its August recess, regulators are now up against a looming Congressional Review Act deadline to finish their most important rulemakings.

Should Congress and the administration flip to Republican control in 2024, the incoming Congress would be able to initiate a Congressional Review Act nullification of any rules issued within the last 60 legislative days of the prior Congress. Legislative days can be tricky to predict because of unscheduled breaks, campaign breaks and emergency sessions, but with all of that being considered the deadline for Biden's regulators to finalize rules and publish them in the Federal Register would be in May or June of 2024.

The Congressional Review Act dynamic is always present in any election year, but it's especially important this election cycle now that regulators have proposed a slew of important regulations in the wake of this spring's bank failures — rules that would have a big impact on bank capital, fee income and supervisory stringency.

Here are the top rules under consideration by the Biden administration that regulators will have to compete ahead of that May/June Congressional Review Act deadline.