Referred to the House Committee on Financial Services.
Amends section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand which agencies must review regulations, shorten review cycles from ten to seven years, and require each Federal financial institutions regulatory agency to perform an internal review of the cumulative impacts of its regulations. The internal review must assess effects on consumer access, availability to firms, credit availability and market liquidity, balance benefits and costs for safety and soundness and the economy, quantify costs where practicable, and recommend streamlining or eliminating duplicative or burdensome rules.
Liberals worry cost‑focused reviews will erode consumer protections.
Relative to its intended legislative type, this bill is a targeted administrative amendment that clearly integrates with existing statutory text and prescribes substantive content and cadence for mandatory internal reviews of cumulative regulatory impacts by Federal financial institutions regulatory agencies.
Amends section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand which agencies must review regulations, shorten review cycles from ten to seven years, and require each Federal financial institutions regulatory agency to perform an internal review of the cumulative impacts of its regulations.
The internal review must assess effects on consumer access, availability to firms, credit availability and market liquidity, balance benefits and costs for safety and soundness and the economy, quantify costs where practicable, and recommend streamlining or eliminating duplicative or burdensome rules.
The bill also requires inclusion of those internal-review findings in the Council report and defines the term "Federal financial institutions regulatory agency."
Technocratic, low-cost bill with some bipartisan appeal but subject to ideological framing and Senate procedural barriers; outcome uncertain.
Relative to its intended legislative type, this bill is a targeted administrative amendment that clearly integrates with existing statutory text and prescribes substantive content and cadence for mandatory internal reviews of cumulative regulatory impacts by Federal financial institutions regulatory agencies. It is specific about subjects to be assessed and reporting inclusion, but omits fiscal, methodological, and enforcement details that would support implementation.
Liberals worry cost‑focused reviews will erode consumer protections.
These are examples from the analysis, not a ranked list of the most-affected groups.
Liberals worry cost‑focused reviews will erode consumer protections.
Sees useful elements—consumer access, credit availability, and review of cumulative impacts—but worries the mandate could be used to justify deregulation.
Concerned quantification and streamlining language may prioritize cost reductions over protections for consumers and disadvantaged groups.
Generally favorable to better, more frequent regulatory review and clearer cost-benefit information, while cautious about methodology and agency capacity.
Wants standardized, transparent review procedures and sufficient resources to ensure credible, balanced outcomes.
Views the bill positively as a pro‑efficiency, deregulatory reform that increases oversight of regulatory burdens.
Emphasizes quantifying costs and recommending elimination of duplicative rules to reduce compliance costs for firms.
Reached or meaningfully advanced
Reached or meaningfully advanced
Still ahead
Still ahead
Still ahead
Technocratic, low-cost bill with some bipartisan appeal but subject to ideological framing and Senate procedural barriers; outcome uncertain.
The bill has not accumulated any surfaced votes yet.
Liberals worry cost‑focused reviews will erode consumer protections.
Technocratic, low-cost bill with some bipartisan appeal but subject to ideological framing and Senate procedural barriers; outcome uncertai…
Relative to its intended legislative type, this bill is a targeted administrative amendment that clearly integrates with existing statutory text and prescribes substantive content and cadence for mandatory internal revi…
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