Section 1 Short title
This Act may be cited as the “Comprehensive Regulatory Review Act of 2016”.
Comprehensive Regulatory Review Act of 2016
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Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes.
Sec. 2 Amendments to Definitions of the Economic Growth and Regulatory Paper 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
In General— Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) is amended—
in subsection (a)—
by striking “10 years” and inserting “5 years”;
by striking “each appropriate” and all that follows through “review” and inserting “the Federal financial regulator shall each conduct a comprehensive review”;
by striking “any such appropriate Federal banking agency” and inserting “such Federal financial regulator, jointly or otherwise, and including all regulations issued after December 31st, 2006”; and
by striking “insured depository institutions” and inserting “covered persons”.
Conforming Amendments— Such section is amended—
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
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—
in subsection (b)—
in paragraph (1), by striking “and” at the end;
by redesignating paragraph (2) as paragraph (5); and
by inserting after paragraph (1) the following new paragraphs:
“(2) consider the impact of the regulations on the financial safety and soundness of covered persons;
“(3) consider the impact of the regulations on the risk profile and business models of covered persons subject to the regulatory action;
“(4) determine the necessity, appropriateness, and impact of continuing to apply such regulatory action to such covered persons; and”
in subsection (c), by striking “10 years” and inserting “5 years”; and
in subsection (d), by amending paragraph (2) to read as follows:
“(2) eliminate or tailor unnecessary regulations related to covered persons in a manner that limits the regulatory compliance impact, cost, liability risk, and other burdens, as is appropriate.”