The Congressional Review Act and the Leveraged Lending Guidance Questions and Answers

On March 31, 2017, Senator Pat Toomey (R-Pa.) sent a letter to the Comptroller General of the U.S. General Accounting Office (GAO) asking whether the Interagency Guidance on Leveraged Lending constitutes a “rule” for purposes of the Congressional Review Act (CRA).  The CRA applies to agency “rules” (as defined in the CRA) and provides an expedited mechanism for Congress to invalidate rules that it disapproves. Senator Toomey has requested a response from the GAO by June 1, 2017. To provide its members with background on the CRA and the possible implications of Sen. Toomey’s request, the LSTA has worked with Sidley Austin to compile this series of questions and answers on the CRA and the Leveraged Lending Guidance.