1. Short title
This Act may be cited as the “Comprehensive Regulatory Review Act”.
Comprehensive Regulatory Review Act
AN ACT
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Act of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons, and for other purposes.
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.”
3. Ensuring a comprehensive regulatory review
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—
by striking “10 years” and inserting “7 years”;
by striking “each appropriate” and all that follows through “review” and inserting “the Federal financial regulators shall each conduct a comprehensive review”;
by striking “such appropriate Federal banking agency” and inserting “such Federal financial regulator, jointly or otherwise,”; and
by inserting “or covered persons” after “insured depository institutions”.
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”.
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 (c), by striking “10 years” and inserting “7 years”; and
in subsection (d)—
in paragraph (1), by striking “and” at the end;
in paragraph (2), by striking the period at the end and inserting “; and”; and
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.”
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).”
6. Reduction of surplus funds of Federal reserve banks
In general— Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by striking “$7,500,000,000” and inserting “$7,495,714,285”.
Effective date— Subsection (a) shall take effect on May 1, 2018.