I 118TH CONGRESS 1ST SESSION H. R. 2489 To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection, and for other purposes. IN THE HOUSE OF REPRESENTATIVES APRIL 6, 2023 Mr. EMMER (for himself, Mr. DONALDS, Mr. LUETKEMEYER, Mr. MEUSER, Mr. NORMAN, Mr. POSEY, and Mr. WILLIAMS of Texas) introduced the following bill; which was referred to the Committee on Financial Services A BILL To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Finan- cial Protection, 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 ‘‘CFPB Dual Mandate 4 and Economic Analysis Act’’. 5 SEC. 2. PURPOSE. 6 Section 1021(a) of the Consumer Financial Protec- 7 tion Act of 2010 (12 U.S.C. 5511(a)) is amended— 8 VerDate Sep 11 2014 20:31 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H2489.IH H2489 pbinns on DSKJLVW7X2PROD with $$_JOB 2 •HR 2489 IH (1) by striking ‘‘fair, transparent, and competi- 1 tive’’ and inserting: ‘‘fair and transparent’’; and 2 (2) by adding at the end the following: ‘‘In ad- 3 dition, the Bureau shall seek to implement and, 4 where applicable, enforce Federal consumer financial 5 law consistently for the purpose of strengthening 6 private sector participation in markets, without Gov- 7 ernment interference or subsidies, to increase com- 8 petition and enhance consumer choice.’’. 9 SEC. 3. OFFICE OF ECONOMIC ANALYSIS. 10 (a) IN GENERAL.—Section 1013 of the Consumer Fi- 11 nancial Protection Act of 2010 (12 U.S.C. 5493) is 12 amended by adding at the end the following: 13 ‘‘(i) OFFICE OF ECONOMIC ANALYSIS.— 14 ‘‘(1) ESTABLISHMENT.—The Director shall es- 15 tablish an Office of Economic Analysis. 16 ‘‘(2) REVIEW AND ASSESSMENT OF PROPOSED 17 GUIDANCE, ORDERS, RULES AND REGULATIONS.— 18 The Office of Economic Analysis shall— 19 ‘‘(A) review all proposed guidance, orders, 20 rules and regulations of the Bureau; 21 ‘‘(B) assess the impact of such guidance, 22 orders, rules and regulations on consumer 23 choice, price, and access to credit products; and 24 VerDate Sep 11 2014 20:31 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H2489.IH H2489 pbinns on DSKJLVW7X2PROD with $$_JOB 3 •HR 2489 IH ‘‘(C) publish a report on such reviews and 1 assessments in the Federal Register. 2 ‘‘(3) MEASURING EXISTING RULES, REGULA- 3 TIONS, GUIDANCE, AND ORDERS.—The Office of 4 Economic Analysis shall— 5 ‘‘(A) review each rule, regulation, guid- 6 ance, and order issued by the Bureau after 1, 7 2, 5, and 10 years; 8 ‘‘(B) measure the rule, regulation, guid- 9 ance, or order’s success in solving the problem 10 that the rule, regulation, guidance, or order was 11 intended to solve when issued; and 12 ‘‘(C) publish a report on such review and 13 measurement in the Federal Register.’’. 14 (b) CONSIDERATION OF REVIEW AND ASSESSMENT; 15 RULEMAKING REQUIREMENTS.—Section 1022(b) of the 16 Consumer Financial Protection Act of 2010 (12 U.S.C. 17 5512(b)) is amended by adding at the end the following: 18 ‘‘(5) CONSIDERATION OF REVIEW AND ASSESS- 19 MENT BY THE OFFICE OF ECONOMIC ANALYSIS.— 20 ‘‘(A) IN GENERAL.—Before issuing any 21 guidance, order, rule, or regulation, the Direc- 22 tor shall consider the review and assessment of 23 such guidance, order, rule, or regulation carried 24 out by the Office of Economic Analysis. 25 VerDate Sep 11 2014 20:31 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00003 Fmt 6652 Sfmt 6201 E:\BILLS\H2489.IH H2489 pbinns on DSKJLVW7X2PROD with $$_JOB 4 •HR 2489 IH ‘‘(B) NOTICE OF DISAGREEMENT.—If the 1 Director disagrees with any part of a review 2 and assessment described under subparagraph 3 (A) with respect to any guidance, order, rule, or 4 regulation, the Director shall accompany any 5 such guidance, order, rule, or regulation with a 6 statement explaining why the Director so dis- 7 agrees. 8 ‘‘(6) IDENTIFICATION OF PROBLEMS AND 9 METRICS FOR JUDGING SUCCESS.— 10 ‘‘(A) IN GENERAL.—The Director shall, in 11 each proposed rulemaking of the Bureau— 12 ‘‘(i) identify the problem that the par- 13 ticular rule or regulations is seeking to 14 solve; and 15 ‘‘(ii) specify the metrics by which the 16 Bureau will measure the success of the 17 rule or regulation in solving such problem. 18 ‘‘(B) REQUIRED METRICS.—The metrics 19 specified under subparagraph (A)(ii) shall in- 20 clude a measurement of changes to consumer 21 access to, and cost of, consumer financial prod- 22 ucts and services.’’. 23 Æ VerDate Sep 11 2014 20:31 Apr 13, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6301 E:\BILLS\H2489.IH H2489 pbinns on DSKJLVW7X2PROD with $$_JOB