Text: H.R.4607 — 115th Congress (2017-2018)All Information (Except Text)

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Introduced in House (12/11/2017)

 
[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4607 Introduced in House (IH)]

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115th CONGRESS
  1st Session
                                H. R. 4607

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 comprehensive review of regulations to identify outdated or otherwise 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.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           December 11, 2017

Mr. Loudermilk (for himself, Mr. Gottheimer, and Mr. Duffy) 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 comprehensive review of regulations to identify outdated or otherwise 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 Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Comprehensive Regulatory Review 
Act''.

SEC. 2. 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:
            ``(8) 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).
            ``(9) 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.''.

SEC. 3. ENSURING A COMPREHENSIVE REGULATORY REVIEW.

    (a) 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--
            (1) by striking ``10 years'' and inserting ``7 years'';
            (2) by striking ``each appropriate'' and all that follows 
        through ``review'' and inserting ``the Federal financial 
        regulators shall each conduct a comprehensive review'';
            (3) by striking ``such appropriate Federal banking agency'' 
        and inserting ``such Federal financial regulator, jointly or 
        otherwise,''; and
            (4) by inserting ``or covered persons'' after ``insured 
        depository institutions''.
    (b) Conforming Amendments.--Such section is amended--
            (1) 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
            (2) in subsection (e)(1), by striking ``the appropriate 
        Federal banking agencies'' and inserting ``the appropriate 
        Federal financial regulator''.

SEC. 4. 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--
            (1) in subsection (c), by striking ``10 years'' and 
        inserting ``7 years''; and
            (2) in subsection (d)--
                    (A) in paragraph (1), by striking ``and'' at the 
                end;
                    (B) in paragraph (2), by striking the period at the 
                end and inserting ``; and''; and
                    (C) by adding at the end the following new 
                paragraph:
            ``(3) 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.''.

SEC. 5. 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:
    ``(f) Reviews Conducted by the Bureau.--The Bureau of Consumer 
Financial Protection shall--
            ``(1) 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
            ``(2) 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).''.
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