IIB
115th CONGRESS
2d Session
H. R. 4607
IN THE SENATE OF THE UNITED STATES
March 7, 2018
Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs
AN ACT
To amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes.
Short title
This Act may be cited as the Comprehensive Regulatory Review Act
.
Amendments to definitions of the Economic Growth and Regulatory Paperwork Reduction Act
Section 2001(c) of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 252 note) is amended by adding at the end the following new paragraphs:
Covered person
The term covered person has the meaning given such term in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481).
Federal financial regulator
The term Federal financial regulator means 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.
.
Ensuring a comprehensive regulatory review
In General
Subsection (a) of section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311(a)) is amended—
by striking 10 years
and inserting 7 years
;
by striking each appropriate
and all that follows through review
and inserting the Federal financial regulators shall each conduct a comprehensive review
;
by striking such appropriate Federal banking agency
and inserting such Federal financial regulator, jointly or otherwise,
; and
by inserting or covered persons
after insured depository institutions
.
Conforming Amendments
Such section is amended—
in subsections (b), (c), (d), and (e), by striking the appropriate Federal banking agency
each place that term appears and inserting the appropriate Federal financial regulator
; and
in subsection (e)(1), by striking the appropriate Federal banking agencies
and inserting the appropriate Federal financial regulator
.
Considerations for comprehensive regulatory review
Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311), as amended by section 3, is further amended—
in subsection (c), by striking 10 years
and inserting 7 years
; and
in subsection (d)—
in paragraph (1), by striking and
at the end;
in paragraph (2), by striking the period at the end and inserting ; and
; and
by adding at the end the following new paragraph:
tailor other regulations related to covered persons in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens, unless otherwise determined by the Council or the appropriate Federal financial regulator.
.
Reviews conducted by the Bureau
Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311), as amended by section 4, is further amended by adding at the end the following new subsection:
Reviews conducted by the Bureau
The Bureau of Consumer Financial Protection shall—
use any relevant information from an assessment conducted under section 1022(d) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(d)) in conducting the review required under subsection (a); and
conduct such review in accordance with the purposes and objectives described in subsections (a) and (b) of section 1021 of such Act (12 U.S.C. 5511).
.
Reduction of surplus funds of Federal reserve banks
In general
Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking $7,500,000,000
and inserting $7,495,714,285
.
Effective date
Subsection (a) shall take effect on May 1, 2018.
Passed the House of Representatives March 6, 2018.
Karen L. Haas,
Clerk.