Providing for congressional disapproval under chapter 8 of title 5, United States Code, of the rule submitted by the Securities and Exchange Commission relating to "Form N-PORT and Form N-CEN Reporting; Guidance on Open-End Fund Liquidity Risk Management Programs".

This measure would cancel a recent Securities and Exchange Commission rule about two mutual fund reporting forms (N-PORT and N-CEN) and guidance for how open-end funds manage liquidity risk. In short, Congress would tell the SEC that this rule cannot take effect or be enforced.

If it becomes law, the SEC’s rule on these reporting and liquidity practices would be blocked. That means funds and the SEC would not follow the new requirements in that rule.

• Who is affected: Open-end investment funds (like many mutual funds) and the SEC.
• What changes: The SEC’s rule on Form N-PORT, Form N-CEN reporting, and liquidity risk management guidance would have no force or effect.
• When: Only if Congress passes it and it becomes law.