3.0.0 5211 2023-01-11T13:33:03Z 2023-01-11T13:33:03Z House HR 2016-05-12 114 [Congressional Record Volume 162, Number 75 (Thursday, May 12, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mr. EMMER of Minnesota:H.R. 5211.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 18: To make all Laws whichshall be necessary and proper for carrying into Execution theforegoing Powers, and all other Powers vested by thisConstitution in the Government of the United States, or inany Department or Officer thereof.[Page H2342]]]> hsba00 Financial Services Committee House Standing Referred to 2016-05-12T14:02:10Z Financial CHOICE Act of 2016 114 5983 HR 2016-12-20 Placed on the Union Calendar, Calendar No. 693. Related bill CRS 2016-05-12 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-05-12 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-05-12 Introduced in House IntroReferral 1000 9 Library of Congress E000294 Rep. Emmer, Tom [R-MN-6] Tom Emmer R MN 6 N P000606 Rep. Pittenger, Robert [R-NC-9] Robert Pittenger R NC 9 2016-05-12 True B001282 Rep. Barr, Andy [R-KY-6] Andy Barr R KY 6 2016-05-12 True N000182 Rep. Neugebauer, Randy [R-TX-19] Randy Neugebauer R TX 19 2016-05-12 True S001187 Rep. Stivers, Steve [R-OH-15] Steve Stivers R OH 15 2016-05-12 True Finance and Financial Sector Administrative law and regulatory procedures Banking and financial institutions regulation Competition and antitrust Consumer Financial Protection Bureau Consumer credit Economic performance and conditions Executive agency funding and structure Financial services and investments Performance measurement Finance and Financial Sector 00 2016-05-12 Introduced in House 2016-09-16T20:05:07Z CFPB Dual Mandate and Economic Analysis Act

This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services. The CFPB shall implement and, where applicable, enforce federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.

The CFPB shall establish an Office of Economic Analysis (OEA) to:

  • review all CFPB proposed guidance, orders, rules and regulations;
  • assess their impact on consumer choice, price, and access to credit products;
  • assess them again after 1, 2, 5, and 10 years;
  • measure the success of the rule, regulation, guidance, or order in solving the problem it was intended to solve when issued; and
  • report on these reviews and assessments in the Federal Register.

Before issuing any guidance, order, rule, or regulation, the CFPB shall consider the OEA's review and assessment of it, giving notice and explanation if the CFPB disagrees with the OEA.

The CFPB shall also, in each proposed rulemaking, identify the problem the particular rule or regulations is seeking to solve, and specify the metrics by which success in solving the problem will be measured.

]]> CFPB Dual Mandate and Economic Analysis Act Display Title CFPB Dual Mandate and Economic Analysis Act Official Title as Introduced To amend the Consumer Financial Protection Act of 2010 to update the purpose of the Bureau of Consumer Financial Protection, and for other purposes. Introduced in House IH Short Titles as Introduced CFPB Dual Mandate and Economic Analysis Act Introduced in House 2016-05-12T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5211ih/xml/BILLS-114hr5211ih.xml 2016-05-12 Referred to the House Committee on Financial Services. 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. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.