113 S2829 IS: Financial Regulatory Clarity Act of 2014 U.S. Senate 2014-09-16 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II113th CONGRESS2d SessionS. 2829IN THE SENATE OF THE UNITED STATESSeptember 16, 2014Mr. Wicker introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban AffairsA BILLTo require certain financial regulators to determine whether new regulations or orders are duplicative or inconsistent with existing Federal regulations, and for other purposes.

1.

Short title

This Act may be cited as the Financial Regulatory Clarity Act of 2014.

2.

Federal Deposit Insurance Corporation

Section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819) is amended by adding at the end the following:(c)

Review of regulations

(1)

In general

Before issuing a final regulation or order the Corporation shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(2)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Corporation shall evaluate the following:(A)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(B)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(C)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(D)Whether other Federal regulations or orders are outdated.(3)

Resolving duplicative or inconsistent regulations or orders

The Corporation shall use its bests efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order of the Corporation with any proposed regulation or order before issuing a final regulation or order.(4)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Corporation makes a determination under paragraph (2), the Corporation shall issue a report to the Congress containing recommendations made by the Corporation, including—(A)any recommendations of Federal laws or regulations that should be repealed or amended; and(B)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under paragraph (6)(B)).(5)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection.(6)

Regulation and order defined

For purposes of this subsection:(A)

In general

The term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Corporation, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators, other than the Corporation.(B)

Federal financial regulators

The term Federal financial regulators means the Board of Governors of the Federal Reserve System, the Bureau of Consumer Financial Protection, the Commodity Futures Trading Commission, the Comptroller of the Currency, the Corporation, the National Credit Union Administration, and the Securities and Exchange Commission..

3.

Office of Comptroller of the Currency

Section 324 of the Revised Statutes of the United States (12 U.S.C. 1) is amended by adding at the end the following:(c)

Review of regulations

(1)

In general

Before issuing a final regulation or order the Comptroller of the Currency shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(2)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Comptroller shall evaluate the following:(A)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(B)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(C)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(D)Whether other Federal regulations or orders are outdated.(3)

Resolving duplicative or inconsistent regulations or orders

The Comptroller shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(4)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Comptroller makes a determination under paragraph (2), the Comptroller shall issue a report to the Congress containing recommendations made by the Comptroller, including—(A)any recommendations of Federal laws or regulations that should be repealed or amended; and(B)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(5)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection.(6)

Regulation and order defined

For purposes of this subsection, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Comptroller, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Comptroller..

4.

Board of Governors of the Federal Reserve System

Section 10 of the Federal Reserve Act is amended by inserting before paragraph (12) the following:(11)

Review of regulations

(A)

In general

Before issuing a final regulation or order the Board of Governors of the Federal Reserve System shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(B)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Board of Governors shall evaluate the following:(i)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(ii)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(iii)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(iv)Whether other Federal regulations or orders are outdated.(C)

Resolving duplicative or inconsistent regulations or orders

The Board of Governors shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(D)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Board of Governors makes a determination under subparagraph (B), the Board of Governors shall issue a report to the Congress containing recommendations made by the Board of Governors, including—(i)any recommendations of Federal laws or regulations that should be repealed or amended; and(ii)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(E)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph.(F)

Regulation and order defined

For purposes of this paragraph, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Board of Governors, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Board of Governors..

5.

Bureau of Consumer Financial Protection

Section 1022 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) is amended by adding at the end the following:(e)

Review of regulations

(1)

In general

Before issuing a final regulation or order the Bureau shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(2)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Bureau shall evaluate the following:(A)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(B)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(C)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(D)Whether other Federal regulations or orders are outdated.(3)

Resolving duplicative or inconsistent regulations or orders

The Bureau shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(4)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Bureau makes a determination under paragraph (2), the Bureau shall issue a report to the Congress containing recommendations made by the Bureau, including—(A)any recommendations of Federal laws or regulations that should be repealed or amended; and(B)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(5)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection.(6)

Regulation and order defined

For purposes of this subsection, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Bureau, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Bureau..

6.

National Credit Union Administration

Section 102 of the Federal Credit Union Act (12 U.S.C. 1752a) is amended by adding at the end the following:(g)

Review of regulations

(1)

In general

Before issuing a final regulation or order the Administration shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(2)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Administration shall evaluate the following:(A)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(B)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(C)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(D)Whether other Federal regulations or orders are outdated.(3)

Resolving duplicative or inconsistent regulations or orders

The Administration shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(4)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Administration makes a determination under paragraph (2), the Administration shall issue a report to the Congress containing recommendations made by the Administration, including—(A)any recommendations of Federal laws or regulations that should be repealed or amended; and(B)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(5)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection.(6)

Regulation and order defined

For purposes of this subsection, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Administration, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Administration..

7.

Securities and Exchange Commission

Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is amended by adding at the end the following:(j)

Review of regulations

(1)

In general

Before issuing a final regulation or order the Commission shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(2)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Commission shall evaluate the following:(A)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(B)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(C)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(D)Whether other Federal regulations or orders are outdated.(3)

Resolving duplicative or inconsistent regulations or orders

The Commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(4)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Commission makes a determination under paragraph (2), the Commission shall issue a report to the Congress containing recommendations made by the Commission, including—(A)any recommendations of Federal laws or regulations that should be repealed or amended; and(B)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(5)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection.(6)

Regulation and order defined

For purposes of this subsection, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Commission, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Commission..

8.

Commodity Futures Trading Commission

Section 2(a) of the Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end the following:(16)

Review of regulations

(A)

In general

Before issuing a final regulation or order the Commission shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders.(B)

Considerations

In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Commission shall evaluate the following:(i)Whether the proposed regulation or order is in conflict with other Federal regulations or orders.(ii)Whether the proposed regulation or order is inconsistent with other Federal regulations or orders.(iii)Whether the proposed regulation or order is duplicative of other Federal regulations or orders.(iv)Whether other Federal regulations or orders are outdated.(C)

Resolving duplicative or inconsistent regulations or orders

The Commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order.(D)

Report to Congress

Not later than the end of the 60-day period beginning on the date the Commission makes a determination under subparagraph (B), the Commission shall issue a report to the Congress containing recommendations made by the Commission, including—(i)any recommendations of Federal laws or regulations that should be repealed or amended; and(ii)any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act).(E)

Limitation on judicial review

Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph.(F)

Regulation and order defined

For purposes of this paragraph, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Commission, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Commission..

9.

Treatment of joint rulemakings

In the case of a joint rulemaking with respect to which an assessment and determination is required pursuant to an amendment made under sections 2 through 8 of this Act, the agencies shall jointly make such assessment and determination and shall submit a single report with respect to such determination.