119 HR 1606 IH: Making the CFPB Accountable to Small Businesses Act of 2025 U.S. House of Representatives 2025-02-26 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.

I119th CONGRESS1st SessionH. R. 1606IN THE HOUSE OF REPRESENTATIVESFebruary 26, 2025Mr. Fitzgerald (for himself and Mr. Fallon) introduced the following bill; which was referred to the Committee on the Judiciary, and in addition to the Committees on Small Business, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concernedA BILLTo impose additional requirements for covered agencies in regulatory flexibility analysis.

1.

Short title

This Act may be cited as the Making the CFPB Accountable to Small Businesses Act of 2025.

2.

Rulemaking under Dodd-Frank Wall Street Reform and Consumer Protection Act

Section 1022(b)(2)(A) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5512(b)(2)(A)) is amended—(1)in clause (i), by striking and at the end;(2)in clause (ii), by striking the semicolon at the end and inserting ; and; and(3)by adding at the end the following: (iii)the impact of proposed rules on small entities, in accordance with section 609 of title 5, United States Code;.

3.

Initial regulatory flexibility analysis

Section 603(d)(1) of title 5, United States Code, is amended—(1)in subparagraph (B), by striking and at the end;(2)in subparagraph (C), by striking the period and inserting ; and; and(3)by adding at the end the following: (D)where the covered agency does not adopt any alternatives described in paragraphs (1) through (4) of subsection (c), a detailed justification of the covered agency’s determination that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy and legal reasons. .

4.

Final regulatory flexibility analysis

Section 604(a) of title 5, United States Code, is amended in the second paragraph (6) to read as follows:(7)for a covered agency, as defined in section 609(d)(2), a description of the steps the agency has taken to minimize any additional cost of credit for small entities and, where no significant alternatives for small entities was adopted, a detailed justification of the covered agency’s determination that the relative size and resources of small entities should have no bearing on the rule, supported by factual, policy and legal reasons..