H.R. 5808 · 114th Congress
Comprehensive Regulatory Review Act of 2016
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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
DuffySponsor4 cosponsors · 4 R
4 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and each of the federal financial regulators to conduct, at least once every five years, a comprehensive review of all regulations prescribed by the council or the regulator, including all regulations issued…
What it does: CRS summary · Introduced in House · Jul 14, 2016
Comprehensive Regulatory Review Act of 2016
This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and each of the federal financial regulators to conduct, at least once every five years, a comprehensive review of all regulations prescribed by the council or the regulator, including all regulations issued after December 31, 2006, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons. "Covered persons" are those that engage in offering or providing a consumer financial product or service and affiliates who provide services to them.
Under the process for conducting such a review, the council and the appropriate regulator shall also:
- consider the impact of the regulations on the financial safety and soundness, as well as on the risk profile and business models, of the covered persons; and
- determine the necessity, appropriateness, and impact of continuing to apply the regulatory action.
The bill requires the council and the appropriate regulator to ensure that the notice and comment period with respect to the regulations reviewed is conducted at least once every 5 years (rather than, as currently, 10 years).
The council and the appropriate regulator shall eliminate or tailor unnecessary regulations so as to limit the regulatory compliance burdens.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Comprehensive Regulatory Review Act of 2016
Latest action (Jul 14, 2016): Referred to the House Committee on Financial Services.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Jul 14, 2016
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.