S.Amdt. 4058

SA 4058. Mr. SHELBY submitted an amendment intended to be proposed to
amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for himself and
Mrs. Lincoln)) to the bill S. 3217, to promote the financial stability
of the United States by improving accountability and transparency in
the financial system, to end ``too big to fail,'' to protect the
American taxpayer by ending bailouts, to protect consumers from abusive
financial services practices, and for other purposes; which was ordered
to lie on the table; as follows:

On page 1223, line 5, strike ``and'' and all that follows
through line 7, and insert the following:
(8) an Office of Management and Budget (hereafter in this
section referred to as ``OMB'') analysis of the economic
impact of all rules and orders adopted by the Bureau, as well
as other initiatives conducted by the Bureau, during the
preceding year, which shall include--
(A) the total costs of such rules, orders, and initiatives;
(B) the annual impact on employment, both nationally and by
State;
(C) the estimated time for covered persons to comply with
such rules, orders, and initiatives, both on average and by
size of business covered; and
(D) the number of persons affected by each such rule,
order, and initiative;
(9) an OMB analysis of the economic impact of all statutes,
rules, regulations, and orders related to this Act, which
shall include--
(A) a statement of the need for the proposed action and an
analysis of whether there exists a market failure;
(B) an examination of alternative approaches, including a
baseline case of not taking the regulatory action;
(C) a statement of the plausible scenarios for which the
proposed action could lead to a Government failure;
(D) the total costs of all such rules and orders;
(E) the annual impact on employment nationally, by State,
and by industry;
(F) the estimated time for covered persons to comply with
all such rules, orders, and initiatives both on average and
by size of business covered;
(G) the number of persons affected by each such rule,
order, and initiative;
(H) an analysis of estimated effects on market efficiency
and market competition, including a Regulatory Flexibility
Act (5 U.S.C. chapter 6) analysis to assess the impact on
small business and other small entities;
(I) an analysis of estimated effects on United States
economic growth, United States economic competitiveness, and
international trade;
(J) a Paperwork Reduction Act (44 U.S.C. chapter 35)
analysis;
(K) a report of the precision of estimates and a statement
of the key assumptions;
(L) a sensitivity analysis, based on plausible alternative
assumptions for data, methodologies, and assumed levels of
compliance and enforcement;
(M) any other economic analysis of regulatory actions
required by Executive Order by the President of the United
States;
(10) the annual compensation received by employees of the
Bureau, including the total, the average, and the number of
employees receiving salaries in excess of $100,000 and
$200,000 and such calculation of compensation shall include
the value of all non-salary compensation (including flex-
time, vacation time, retirement benefits, and collective
bargaining benefits);
(11) a copy of any collective bargaining agreements, or
amendments to such agreements, entered into between the
Bureau and its union during the preceding year;
(12) an analysis of the effectiveness of the Bureau,
including evidence on whether each rule and regulation it has
adopted during the preceding 10 years have produced a
reduction in consumer complaints;
(13) a copy of any agreements with State attorneys, State
regulators, private attorneys, or any other person or entity
relating to the enforcement of consumer financial protection
laws; and
(14) an analysis of the efforts of the Bureau to fulfill
the fair lending mission of the Bureau.
(d) Annual Review of Rules and Regulations.--
(1) In general.--OMB shall review, on a rolling-basis each
statute, rule, regulation, and order related to this Act, to
determine whether such statute, rule, regulation, order has
achieved its intended result and whether such statute, rule,
regulation, or order should be modified or repealed based on
changes in the marketplace. Each such statute, rule,
regulation, and order shall be reviewed not less frequently
than once every 8 years.
(2) Report.--In connection with the review required under
paragraph (1), OMB shall annually produce a report discussing
its findings, including--
(A) providing evidence on whether each statute, rule,
regulation, or order under review should be retained,
modified, or repealed;
(B) a discussion of the original intent of each statute,
rule, regulation, and order;
(C) an analysis of whether each such statute, rule,
regulation, and order achieved its intended results; and
(D) a cost benefit analysis of such statute, rule,
regulation, and order that estimates the actual costs imposed
on the private sector, compared to the actual benefits to the
private sector attained, which cost benefit analysis shall
include the costs of complying with such statute, rule,
regulation, and order, the impact on innovation, and actual
litigation costs incurred by private and governmental parties
in litigating such statute and regulation.
(3) Notice to bureau.--If OMB determines under paragraph
(2) that any regulation has

[[Page S3841]]

not yielded a positive cost-benefit result, the Bureau shall
be promptly repealed such regulation or modify such
regulation so that it is estimated to produce a positive
cost-benefit result.
(4) Notice to congress.--If OMB determines under paragraph
(2) that any statute has not yielded a positive cost-benefit
result, OMB shall notify Congress and provide a
recommendation on whether the statute should be repealed or
modified to produce a positive cost-benefit result.
______