Comprehensive Regulatory Review Act

I 116TH CONGRESS 1ST SESSION H. R. 3198 To amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to ensure that Federal financial regulators perform a comprehen- sive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other pur- poses. IN THE HOUSE OF REPRESENTATIVES JUNE 11, 2019 Mr. LOUDERMILK (for himself and Mr. GOTTHEIMER) introduced the following bill; which was referred to the Committee on Financial Services A BILL 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Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Comprehensive Regu- 4 latory Review Act’’. 5 VerDate Sep 11 2014 04:24 Jun 14, 2019 Jkt 089200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H3198.IH H3198 kjohnson on DSK79L0C42 with BILLS 2 •HR 3198 IH SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 1 GROWTH AND REGULATORY PAPERWORK RE- 2 DUCTION ACT. 3 Section 2001(c) of the Economic Growth and Regu- 4 latory Paperwork Reduction Act of 1996 (12 U.S.C. 252 5 note) is amended by adding at the end the following new 6 paragraphs: 7 ‘‘(8) COVERED PERSON.—The term ‘covered 8 person’ has the meaning given such term in section 9 1002 of the Consumer Financial Protection Act of 10 2010 (12 U.S.C. 5481). 11 ‘‘(9) FEDERAL FINANCIAL REGULATOR.—The 12 term ‘Federal financial regulator’ means the Office 13 of the Comptroller of the Currency, the Federal De- 14 posit Insurance Corporation, the Board of Governors 15 of the Federal Reserve System, the Bureau of Con- 16 sumer Financial Protection, and the National Credit 17 Union Administration Board.’’. 18 SEC. 3. ENSURING A COMPREHENSIVE REGULATORY RE- 19 VIEW. 20 (a) IN GENERAL.—Subsection (a) of section 2222 of 21 the Economic Growth and Regulatory Paperwork Reduc- 22 tion Act of 1996 (12 U.S.C. 3311(a)) is amended— 23 (1) by striking ‘‘10 years’’ and inserting ‘‘7 24 years’’; 25 VerDate Sep 11 2014 04:24 Jun 14, 2019 Jkt 089200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H3198.IH H3198 kjohnson on DSK79L0C42 with BILLS 3 •HR 3198 IH (2) by striking ‘‘each appropriate’’ and all that 1 follows through ‘‘review’’ and inserting ‘‘the Federal 2 financial regulators shall each conduct a comprehen- 3 sive review’’; 4 (3) by striking ‘‘such appropriate Federal bank- 5 ing agency’’ and inserting ‘‘such Federal financial 6 regulator, jointly or otherwise,’’; and 7 (4) by inserting ‘‘or covered persons’’ after ‘‘in- 8 sured depository institutions’’. 9 (b) CONFORMING AMENDMENTS.—Such section is 10 amended— 11 (1) in subsections (b), (c), (d), and (e), by 12 striking ‘‘the appropriate Federal banking agency’’ 13 each place that term appears and inserting ‘‘the ap- 14 propriate Federal financial regulator’’; and 15 (2) in subsection (e)(1), by striking ‘‘the appro- 16 priate Federal banking agencies’’ and inserting ‘‘the 17 appropriate Federal financial regulator’’. 18 SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGU- 19 LATORY REVIEW. 20 Section 2222 of the Economic Growth and Regu- 21 latory Paperwork Reduction Act of 1996 (12 U.S.C. 22 3311), as amended by section 3, is further amended— 23 (1) in subsection (c), by striking ‘‘10 years’’ 24 and inserting ‘‘7 years’’; and 25 VerDate Sep 11 2014 04:24 Jun 14, 2019 Jkt 089200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H3198.IH H3198 kjohnson on DSK79L0C42 with BILLS 4 •HR 3198 IH (2) in subsection (d)— 1 (A) in paragraph (1), by striking ‘‘and’’ at 2 the end; 3 (B) in paragraph (2), by striking the pe- 4 riod at the end and inserting ‘‘; and’’; and 5 (C) by adding at the end the following new 6 paragraph: 7 ‘‘(3) tailor other regulations related to covered 8 persons in a manner that limits the regulatory com- 9 pliance impact, cost, liability risk, and other bur- 10 dens, unless otherwise determined by the Council or 11 the appropriate Federal financial regulator.’’. 12 SEC. 5. REVIEWS CONDUCTED BY THE BUREAU. 13 Section 2222 of the Economic Growth and Regu- 14 latory Paperwork Reduction Act of 1996 (12 U.S.C. 15 3311), as amended by section 4, is further amended by 16 adding at the end the following new subsection: 17 ‘‘(f) REVIEWS CONDUCTED BY THE BUREAU.—The 18 Bureau of Consumer Financial Protection shall— 19 ‘‘(1) use any relevant information from an as- 20 sessment conducted under section 1022(d) of the 21 Consumer Financial Protection Act of 2010 (12 22 U.S.C. 5512(d)) in conducting the review required 23 under subsection (a); and 24 VerDate Sep 11 2014 04:24 Jun 14, 2019 Jkt 089200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H3198.IH H3198 kjohnson on DSK79L0C42 with BILLS 5 •HR 3198 IH ‘‘(2) conduct such review in accordance with the 1 purposes and objectives described in subsections (a) 2 and (b) of section 1021 of such Act (12 U.S.C. 3 5511).’’. 4 Æ VerDate Sep 11 2014 04:24 Jun 14, 2019 Jkt 089200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6301 E:\BILLS\H3198.IH H3198 kjohnson on DSK79L0C42 with BILLS