S. 881 – Reading Mode | Legislate.dev

114th CONGRESS

1st Session

S. 881

IN THE SENATE OF THE UNITED STATES

March 26, 2015

Mr. Crapo introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

A BILL

To ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on financial institutions, and for other purposes.

Short title

This Act may be cited as the Comprehensive Regulatory Review Act of 2015.

Ensuring a comprehensive regulatory review

Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) is amended—

(1)

in subsection (a)—

(A)

by striking each appropriate Federal banking agency represented on the Council and inserting each of the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, and the National Credit Union Administration Board as the Federal agency representatives on the Council;

(B)

by inserting , joint or otherwise, and including all regulations issued pursuant to any authority provided under the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203),;

(C)

by striking any such appropriate Federal banking agency and inserting any such Federal agency; and

(D)

by striking insured depository institutions and inserting financial institutions;

(2)

in subsections (b), (c), and (d), by striking the appropriate Federal banking agency each place that term appears and inserting the appropriate Federal agency; and

(3)

in subsection (e)—

(A)

in paragraph (1), by striking the appropriate Federal banking agencies and inserting the appropriate Federal agencies; and

(B)

in paragraph (2), by striking the appropriate Federal banking agency and inserting the appropriate Federal agency.