United States of America: Issued OMB Statement Specifying intention to veto Joint Resolution providing for Congressional Disapproval of SEC Rule on Cybersecurity Risk Management (S.J.Res 50)

On 31 January 2024, the Office of Management and Budget (OMB) announced its opposition to the Joint Resolution providing for Congressional Disapproval of Securities and Exchange Commission (SEC) Rule on Cybersecurity Risk Management, Strategy, Governance, and Incident Disclosure (S.J.Res 50). The rule requires public companies to disclose material cybersecurity incidents and provide an annual report detailing their processes for assessing, identifying, and managing material risks from cybersecurity threats. The OMB argued that the rule would incentivise corporate executives to invest in cybersecurity and cyber risk management and provide needed transparency to protect investors. It further states that if the President were presented with S.J. Res. 50, he would veto it.