[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5527 Introduced in House (IH)]
<DOC>
114th CONGRESS
2d Session
H. R. 5527
To amend the Consumer Financial Protection Act of 2010 to require
congressional review of rulemaking of the Bureau of Consumer Financial
Protection, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
June 16, 2016
Mr. Williams introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committees on
Rules and the Budget, for a period to be subsequently determined by the
Speaker, in each case for consideration of such provisions as fall
within the jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To amend the Consumer Financial Protection Act of 2010 to require
congressional review of rulemaking of the Bureau of Consumer Financial
Protection, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``CFPB Rule Accountability Act of
2016''.
SEC. 2. CONGRESSIONAL REVIEW OF RULEMAKING OF THE BUREAU OF CONSUMER
FINANCIAL PROTECTION.
(a) In General.--The Consumer Financial Protection Act of 2010 (12
U.S.C. 5481 et seq.) is amended by adding at the end the following:
``Subtitle I--Congressional Review of Bureau Rulemaking
``SEC. 1100I. CONGRESSIONAL REVIEW.
``(a)(1)(A) Before a rule may take effect, the Bureau shall publish
in the Federal Register a list of information on which the rule is
based, including data, scientific and economic studies, and cost-
benefit analyses, and identify how the public can access such
information online, and shall submit to each House of the Congress and
to the Comptroller General a report containing--
``(i) a copy of the rule;
``(ii) a concise general statement relating to the rule;
``(iii) a classification of the rule as a major or nonmajor
rule, including an explanation of the classification
specifically addressing each criteria for a major rule
contained within subparagraphs (A) through (C) of section
1100L(2);
``(iv) a list of any other related regulatory actions
intended to implement the same statutory provision or
regulatory objective as well as the individual and aggregate
economic effects of those actions; and
``(v) the proposed effective date of the rule.
``(B) On the date of the submission of the report under
subparagraph (A), the Bureau shall submit to the Comptroller General
and make available to each House of Congress--
``(i) a complete copy of the cost-benefit analysis of the
rule, if any, including an analysis of any jobs added or lost,
differentiating between public and private sector jobs;
``(ii) the Bureau's actions pursuant to sections 603, 604,
605, 607, and 609 of title 5, United States Code;
``(iii) the Bureau's actions pursuant to sections 202, 203,
204, and 205 of the Unfunded Mandates Reform Act of 1995; and
``(iv) any other relevant information or requirements under
any other Act and any relevant Executive orders.
``(C) Upon receipt of a report submitted under subparagraph (A),
each House shall provide copies of the report to the chairman and
ranking member of each standing committee with jurisdiction under the
rules of the House of Representatives or the Senate to report a bill to
amend the provision of law under which the rule is issued.
``(2)(A) The Comptroller General shall provide a report on each
major rule to the committees of jurisdiction by the end of 15 calendar
days after the submission or publication date. The report of the
Comptroller General shall include an assessment of the Bureau's
compliance with procedural steps required by paragraph (1)(B) and an
assessment of whether the major rule imposes any new limits or mandates
on private-sector activity.
``(B) Federal agencies shall cooperate with the Comptroller General
by providing information relevant to the Comptroller General's report
under subparagraph (A).
``(3) A major rule relating to a report submitted under paragraph
(1) shall take effect upon enactment of a joint resolution of approval
described in section 1100J or as provided for in the rule following
enactment of a joint resolution of approval described in section 1100J,
whichever is later.
``(4) A nonmajor rule shall take effect as provided by section
1100K after submission to Congress under paragraph (1).
``(5) If a joint resolution of approval relating to a major rule is
not enacted within the period provided in subsection (b)(2), then a
joint resolution of approval relating to the same rule may not be
considered under this subtitle in the same Congress by either the House
of Representatives or the Senate.
``(b)(1) A major rule shall not take effect unless the Congress
enacts a joint resolution of approval described under section 1100J.
``(2) If a joint resolution described in subsection (a) is not
enacted into law by the end of 70 session days or legislative days, as
applicable, beginning on the date on which the report referred to in
subsection (a)(1)(A) is received by Congress (excluding days either
House of Congress is adjourned for more than 3 days during a session of
Congress), then the rule described in that resolution shall be deemed
not to be approved and such rule shall not take effect.
``(c)(1) Notwithstanding any other provision of this section
(except subject to paragraph (3)), a major rule may take effect for one
90-calendar-day period if the President makes a determination under
paragraph (2) and submits written notice of such determination to the
Congress.
``(2) Paragraph (1) applies to a determination made by the
President by Executive order that the major rule should take effect
because such rule is--
``(A) necessary because of an imminent threat to health or
safety or other emergency;
``(B) necessary for the enforcement of criminal laws;
``(C) necessary for national security; or
``(D) issued pursuant to any statute implementing an
international trade agreement.
``(3) An exercise by the President of the authority under this
subsection shall have no effect on the procedures under section 1100J.
``(d)(1) In addition to the opportunity for review otherwise
provided under this subtitle, in the case of any rule for which a
report was submitted in accordance with subsection (a)(1)(A) during the
period beginning on the date occurring--
``(A) in the case of the Senate, 60 session days; or
``(B) in the case of the House of Representatives, 60
legislative days,
before the date the Congress is scheduled to adjourn a session of
Congress through the date on which the same or succeeding Congress
first convenes its next session, sections 1100J and 1100K shall apply
to such rule in the succeeding session of Congress.
``(2)(A) In applying sections 1100J and 1100K for purposes of such
additional review, a rule described under paragraph (1) shall be
treated as though--
``(i) such rule were published in the Federal Register on--
``(I) in the case of the Senate, the 15th session
day; or
``(II) in the case of the House of Representatives,
the 15th legislative day,
after the succeeding session of Congress first convenes; and
``(ii) a report on such rule were submitted to Congress
under subsection (a)(1) on such date.
``(B) Nothing in this paragraph shall be construed to affect the
requirement under subsection (a)(1) that a report shall be submitted to
Congress before a rule can take effect.
``(3) A rule described under paragraph (1) shall take effect as
otherwise provided by law (including other subsections of this
section).
``SEC. 1100J. CONGRESSIONAL APPROVAL PROCEDURE FOR MAJOR RULES.
``(a)(1) For purposes of this section, the term `joint resolution'
means only a joint resolution addressing a report classifying a rule as
major pursuant to section 1100I(a)(1)(A)(iii) that--
``(A) bears no preamble;
``(B) bears the following title (with blanks filled as
appropriate): `Approving the rule submitted by ___ relating to
___.';
``(C) includes after its resolving clause only the
following (with blanks filled as appropriate): `That Congress
approves the rule submitted by ___ relating to ___.'; and
``(D) is introduced pursuant to paragraph (2).
``(2) After a House of Congress receives a report classifying a
rule as major pursuant to section 1100I(a)(1)(A)(iii), the majority
leader of that House (or his or her respective designee) shall
introduce (by request, if appropriate) a joint resolution described in
paragraph (1)--
``(A) in the case of the House of Representatives, within 3
legislative days; and
``(B) in the case of the Senate, within 3 session days.
``(3) A joint resolution described in paragraph (1) shall not be
subject to amendment at any stage of proceeding.
``(b) A joint resolution described in subsection (a) shall be
referred in each House of Congress to the committees having
jurisdiction over the provision of law under which the rule is issued.
``(c) In the Senate, if the committee or committees to which a
joint resolution described in subsection (a) has been referred have not
reported it at the end of 15 session days after its introduction, such
committee or committees shall be automatically discharged from further
consideration of the resolution and it shall be placed on the calendar.
A vote on final passage of the resolution shall be taken on or before
the close of the 15th session day after the resolution is reported by
the committee or committees to which it was referred, or after such
committee or committees have been discharged from further consideration
of the resolution.
``(d)(1) In the Senate, when the committee or committees to which a
joint resolution is referred have reported, or when a committee or
committees are discharged (under subsection (c)) from further
consideration of a joint resolution described in subsection (a), it is
at any time thereafter in order (even though a previous motion to the
same effect has been disagreed to) for a motion to proceed to the
consideration of the joint resolution, and all points of order against
the joint resolution (and against consideration of the joint
resolution) are waived. The motion is not subject to amendment, or to a
motion to postpone, or to a motion to proceed to the consideration of
other business. A motion to reconsider the vote by which the motion is
agreed to or disagreed to shall not be in order. If a motion to proceed
to the consideration of the joint resolution is agreed to, the joint
resolution shall remain the unfinished business of the Senate until
disposed of.
``(2) In the Senate, debate on the joint resolution, and on all
debatable motions and appeals in connection therewith, shall be limited
to not more than 2 hours, which shall be divided equally between those
favoring and those opposing the joint resolution. A motion to further
limit debate is in order and not debatable. An amendment to, or a
motion to postpone, or a motion to proceed to the consideration of
other business, or a motion to recommit the joint resolution is not in
order.
``(3) In the Senate, immediately following the conclusion of the
debate on a joint resolution described in subsection (a), and a single
quorum call at the conclusion of the debate if requested in accordance
with the rules of the Senate, the vote on final passage of the joint
resolution shall occur.
``(4) Appeals from the decisions of the Chair relating to the
application of the rules of the Senate to the procedure relating to a
joint resolution described in subsection (a) shall be decided without
debate.
``(e) In the House of Representatives, if any committee to which a
joint resolution described in subsection (a) has been referred has not
reported it to the House at the end of 15 legislative days after its
introduction, such committee shall be discharged from further
consideration of the joint resolution, and it shall be placed on the
appropriate calendar. On the second and fourth Thursdays of each month
it shall be in order at any time for the Speaker to recognize a Member
who favors passage of a joint resolution that has appeared on the
calendar for at least 5 legislative days to call up that joint
resolution for immediate consideration in the House without
intervention of any point of order. When so called up a joint
resolution shall be considered as read and shall be debatable for 1
hour equally divided and controlled by the proponent and an opponent,
and the previous question shall be considered as ordered to its passage
without intervening motion. It shall not be in order to reconsider the
vote on passage. If a vote on final passage of the joint resolution has
not been taken by the third Thursday on which the Speaker may recognize
a Member under this subsection, such vote shall be taken on that day.
``(f)(1) If, before passing a joint resolution described in
subsection (a), one House receives from the other a joint resolution
having the same text, then--
``(A) the joint resolution of the other House shall not be
referred to a committee; and
``(B) the procedure in the receiving House shall be the
same as if no joint resolution had been received from the other
House until the vote on passage, when the joint resolution
received from the other House shall supplant the joint
resolution of the receiving House.
``(2) This subsection shall not apply to the House of
Representatives if the joint resolution received from the Senate is a
revenue measure.
``(g) If either House has not taken a vote on final passage of the
joint resolution by the last day of the period described in section
1100I(b)(2), then such vote shall be taken on that day.
``(h) This section and section 1100K are enacted by Congress--
``(1) as an exercise of the rulemaking power of the Senate
and House of Representatives, respectively, and as such is
deemed to be part of the rules of each House, respectively, but
applicable only with respect to the procedure to be followed in
that House in the case of a joint resolution described in
subsection (a) and superseding other rules only where
explicitly so; and
``(2) with full recognition of the constitutional right of
either House to change the rules (so far as they relate to the
procedure of that House) at any time, in the same manner and to
the same extent as in the case of any other rule of that House.
``SEC. 1100K. CONGRESSIONAL DISAPPROVAL PROCEDURE FOR NONMAJOR RULES.
``(a) For purposes of this section, the term `joint resolution'
means only a joint resolution introduced in the period beginning on the
date on which the report referred to in section 1100I(a)(1)(A) is
received by Congress and ending 60 days thereafter (excluding days
either House of Congress is adjourned for more than 3 days during a
session of Congress), the matter after the resolving clause of which is
as follows: `That Congress disapproves the nonmajor rule submitted by
the ___ relating to ___, and such rule shall have no force or effect.'
(The blank spaces being appropriately filled in).
``(b) A joint resolution described in subsection (a) shall be
referred to the committees in each House of Congress with jurisdiction.
``(c) In the Senate, if the committee to which is referred a joint
resolution described in subsection (a) has not reported such joint
resolution (or an identical joint resolution) at the end of 15 session
days after the date of introduction of the joint resolution, such
committee may be discharged from further consideration of such joint
resolution upon a petition supported in writing by 30 Members of the
Senate, and such joint resolution shall be placed on the calendar.
``(d)(1) In the Senate, when the committee to which a joint
resolution is referred has reported, or when a committee is discharged
(under subsection (c)) from further consideration of a joint resolution
described in subsection (a), it is at any time thereafter in order
(even though a previous motion to the same effect has been disagreed
to) for a motion to proceed to the consideration of the joint
resolution, and all points of order against the joint resolution (and
against consideration of the joint resolution) are waived. The motion
is not subject to amendment, or to a motion to postpone, or to a motion
to proceed to the consideration of other business. A motion to
reconsider the vote by which the motion is agreed to or disagreed to
shall not be in order. If a motion to proceed to the consideration of
the joint resolution is agreed to, the joint resolution shall remain
the unfinished business of the Senate until disposed of.
``(2) In the Senate, debate on the joint resolution, and on all
debatable motions and appeals in connection therewith, shall be limited
to not more than 10 hours, which shall be divided equally between those
favoring and those opposing the joint resolution. A motion to further
limit debate is in order and not debatable. An amendment to, or a
motion to postpone, or a motion to proceed to the consideration of
other business, or a motion to recommit the joint resolution is not in
order.
``(3) In the Senate, immediately following the conclusion of the
debate on a joint resolution described in subsection (a), and a single
quorum call at the conclusion of the debate if requested in accordance
with the rules of the Senate, the vote on final passage of the joint
resolution shall occur.
``(4) Appeals from the decisions of the Chair relating to the
application of the rules of the Senate to the procedure relating to a
joint resolution described in subsection (a) shall be decided without
debate.
``(e) In the Senate, the procedure specified in subsection (c) or
(d) shall not apply to the consideration of a joint resolution
respecting a nonmajor rule--
``(1) after the expiration of the 60 session days beginning
with the applicable submission or publication date; or
``(2) if the report under section 1100I(a)(1)(A) was
submitted during the period referred to in section 1100I(d)(1),
after the expiration of the 60 session days beginning on the
15th session day after the succeeding session of Congress first
convenes.
``(f) If, before the passage by one House of a joint resolution of
that House described in subsection (a), that House receives from the
other House a joint resolution described in subsection (a), then the
following procedures shall apply:
``(1) The joint resolution of the other House shall not be
referred to a committee.
``(2) With respect to a joint resolution described in
subsection (a) of the House receiving the joint resolution--
``(A) the procedure in that House shall be the same
as if no joint resolution had been received from the
other House; but
``(B) the vote on final passage shall be on the
joint resolution of the other House.
``SEC. 1100L. DEFINITIONS.
``For purposes of this subtitle:
``(1) The term `Bureau' means the Bureau of Consumer
Financial Protection.
``(2) The term `major rule' means any rule, including an
interim final rule, that the Administrator of the Office of
Information and Regulatory Affairs of the Office of Management
and Budget finds has resulted in or is likely to result in--
``(A) an annual effect on the economy of $100
million or more;
``(B) a major increase in costs or prices for
consumers, individual industries, Federal, State, or
local government agencies, or geographic regions; or
``(C) significant adverse effects on competition,
employment, investment, productivity, innovation, or on
the ability of United States-based enterprises to
compete with foreign-based enterprises in domestic and
export markets.
``(3) The term `nonmajor rule' means any rule that is not a
major rule.
``(4) The term `rule' has the meaning given such term in
section 551 of title 5, United States Code, except that such
term does not include--
``(A) any rule of particular applicability,
including a rule that approves or prescribes for the
future rates, wages, prices, services, or allowances
therefore, corporate or financial structures,
reorganizations, mergers, or acquisitions thereof, or
accounting practices or disclosures bearing on any of
the foregoing;
``(B) any rule relating to agency management or
personnel; or
``(C) any rule of agency organization, procedure,
or practice that does not substantially affect the
rights or obligations of non-agency parties.
``(5) The term `submission date or publication date',
except as otherwise provided in this subtitle, means--
``(A) in the case of a major rule, the date on
which the Congress receives the report submitted under
section 1100I(a)(1); and
``(B) in the case of a nonmajor rule, the later
of--
``(i) the date on which the Congress
receives the report submitted under section
1100I(a)(1); and
``(ii) the date on which the nonmajor rule
is published in the Federal Register, if so
published.
``SEC. 1100M. JUDICIAL REVIEW.
``(a) No determination, finding, action, or omission under this
subtitle shall be subject to judicial review.
``(b) Notwithstanding subsection (a), a court may determine whether
a Federal agency has completed the necessary requirements under this
subtitle for a rule to take effect.
``(c) The enactment of a joint resolution of approval under section
1100J shall not be interpreted to serve as a grant or modification of
statutory authority by Congress for the promulgation of a rule, shall
not extinguish or affect any claim, whether substantive or procedural,
against any alleged defect in a rule, and shall not form part of the
record before the court in any judicial proceeding concerning a rule
except for purposes of determining whether or not the rule is in
effect.
``SEC. 1100N. EFFECTIVE DATE OF CERTAIN RULES.
``Notwithstanding section 1100I--
``(1) any rule that establishes, modifies, opens, closes,
or conducts a regulatory program for a commercial,
recreational, or subsistence activity related to hunting,
fishing, or camping; or
``(2) any rule other than a major rule which the Bureau for
good cause finds (and incorporates the finding and a brief
statement of reasons therefore in the rule issued) that notice
and public procedure thereon are impracticable, unnecessary, or
contrary to the public interest,
shall take effect at such time as the Bureau promulgating the rule
determines.''.
(b) Table of Contents Amendment.--The table of contents in section
1 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12
U.S.C. 5301 et seq.) is amended by inserting after the item relating to
section 1100H the following:
``Subtitle I--Congressional Review of Bureau Rulemaking
``Sec. 1100I. Congressional review.
``Sec. 1100J. Congressional approval procedure for major rules.
``Sec. 1100K. Congressional disapproval procedure for nonmajor rules.
``Sec. 1100L. Definitions.
``Sec. 1100M. Judicial review.
``Sec. 1100N. Effective date of certain rules.''.
(c) Budgetary Effects of Rules Subject to Section 1100J of the
Consumer Financial Protection Act of 2010.--Section 257(b)(2) of the
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by
adding at the end the following new subparagraph:
``(E) Budgetary effects of rules subject to section
1100j of the consumer financial protection act of
2010.--Any rules subject to the congressional approval
procedure set forth in section 1100J of the Consumer
Financial Protection Act of 2010 affecting budget
authority, outlays, or receipts shall be assumed to be
effective unless it is not approved in accordance with
such section.''.
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