Sections 2001 and 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996
Public Law 104–208
Sections 2001 and 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996
208
104–208
Statute Compilation
United States House of Representatives
Office of the Legislative Counsel
text/xml
EN
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Illegal Immigration Reform and Immigrant Responsibility Act of 1996
Economic Growth and Regulatory Paperwork Reduction Act of 1996
13223
104
1996-09-30
Sections 2001 and 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996
[Public Law 104–208]
[These provisions have not been amended since date of enactment.]
[Currency: This publication is a compilation of Public Law 104-28. It was last amended by the public law listed in the As Amended Through note above and below at the bottom of each page of the pdf version and reflects current law through the date of the enactment of the public law listed at https://www.govinfo.gov/app/collection/comps/]
[Note: While this publication does not represent an official version of any Federal statute, substantial efforts have been made to ensure the accuracy of its contents. The official version of Federal law is found in the United States Statutes at Large and in the United States Code. The legal effect to be given to the Statutes at Large and the United States Code is established by statute (1 U.S.C. 112, 204).]
AN ACTMaking omnibus consolidated appropriations for the fiscal year ending September 30, 1997, and for other purposes.Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
DIVISION A—
* * * * * * *
<num style="-uslm-dtd:enum" value="II">TITLE II—</num><heading style="-uslm-dtd:header">ECONOMIC GROWTH AND REGULATORY PAPERWORK REDUCTION </heading>
<section style="-uslm-dtd:section" identifier="/us/sComp/104/208/d A/tII/s2001" styleType="OLC">
<num style="-uslm-dtd:enum" value="2001">SEC. 2001. </num><heading style="-uslm-dtd:header">SHORT TITLE; TABLE OF CONTENTS; DEFINITIONS. </heading>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/s2001/a" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s226">12 U.S.C. 226 note</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">Short Title.—</heading><content style="-uslm-dtd:text">This title may be cited as the “<shortTitle style="-uslm-dtd:quote">Economic Growth and Regulatory Paperwork Reduction Act of 1996</shortTitle>”.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/s2001/b" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Table of Contents.—</heading><content style="-uslm-dtd:text">[Table omitted.]</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/s2001/c" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s252">12 U.S.C. 252 note</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">Definitions.—</heading><chapeau style="-uslm-dtd:text">Except as otherwise specified in this title, the following definitions shall apply for purposes of this title:</chapeau>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/1" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><heading style="-uslm-dtd:header">Appraisal subcommittee.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">Appraisal Subcommittee</quotedText>” means the Appraisal Subcommittee established under section 1011 of the Federal Financial Institutions Examination Council Act of 1978 (as in existence on the day before the date of enactment of this Act).
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><heading style="-uslm-dtd:header">Appropriate Federal banking agency.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">appropriate Federal banking agency</quotedText>” has the same meaning as in section 3 of the Federal Deposit Insurance Act.
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/3" styleType="OLC">
<num style="-uslm-dtd:enum" value="3">(3) </num><heading style="-uslm-dtd:header">Board.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">Board</quotedText>” means the Board of Governors of the Federal Reserve System.
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/4" styleType="OLC">
<num style="-uslm-dtd:enum" value="4">(4) </num><heading style="-uslm-dtd:header">Corporation.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">Corporation</quotedText>” means the Federal Deposit Insurance Corporation.
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/5" styleType="OLC">
<num style="-uslm-dtd:enum" value="5">(5) </num><heading style="-uslm-dtd:header">Council.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">Council</quotedText>” means the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978.
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/6" styleType="OLC">
<num style="-uslm-dtd:enum" value="6">(6) </num><heading style="-uslm-dtd:header">Insured credit union.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">insured credit union</quotedText>” has the same meaning as in section 101 of the Federal Credit Union Act.
</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/s2001/c/7" styleType="OLC">
<num style="-uslm-dtd:enum" value="7">(7) </num><heading style="-uslm-dtd:header">Insured depository institution.—</heading><content style="-uslm-dtd:text">The term “<quotedText style="-uslm-dtd:quote">insured depository institution</quotedText>” has the same meaning as in section 3 of the Federal Deposit Insurance Act.</content>
</paragraph>
</subsection>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
</section>
<subtitle style="-uslm-dtd:subtitle" identifier="/us/sComp/104/208/d A/tII/stB" styleType="OLC">
<num style="-uslm-dtd:enum" value="B">Subtitle B—</num><heading style="-uslm-dtd:header">Streamlining Government Regulation
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided> </heading>
<chapter style="-uslm-dtd:chapter" identifier="/us/sComp/104/208/d A/tII/stB/ch2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">CHAPTER 2—</num><heading style="-uslm-dtd:header">ELIMINATING UNNECESSARY REGULATORY BURDENS </heading>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
<section style="-uslm-dtd:section" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222" styleType="OLC">
<num style="-uslm-dtd:enum" value="2222">SEC. 2222. </num><editorialNote style="-uslm-dtd:usc-reference" role="uscRef"><b>[</b><ref href="/us/usc/t12/s3311">12 U.S.C. 3311</ref><b>]</b> </editorialNote><heading style="-uslm-dtd:header">REQUIRED REVIEW OF REGULATIONS. </heading>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/a" styleType="OLC">
<num style="-uslm-dtd:enum" value="a">(a) </num><heading style="-uslm-dtd:header">In General.—</heading><content style="-uslm-dtd:text">Not less frequently than once every 10 years, the Council and each appropriate Federal banking agency represented on the Council shall conduct a review of all regulations prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/b" styleType="OLC">
<num style="-uslm-dtd:enum" value="b">(b) </num><heading style="-uslm-dtd:header">Process.—</heading><chapeau style="-uslm-dtd:text">In conducting the review under subsection (a), the Council or the appropriate Federal banking agency shall—</chapeau>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/b/1" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">categorize the regulations described in subsection (a) by type (such as consumer regulations, safety and soundness regulations, or such other designations as determined by the Council, or the appropriate Federal banking agency); and</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/b/2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">at regular intervals, provide notice and solicit public comment on a particular category or categories of regulations, requesting commentators to identify areas of the regulations that are outdated, unnecessary, or unduly burdensome.</content>
</paragraph>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/c" styleType="OLC">
<num style="-uslm-dtd:enum" value="c">(c) </num><heading style="-uslm-dtd:header">Complete Review.—</heading><content style="-uslm-dtd:text">The Council or the appropriate Federal banking agency shall ensure that the notice and comment period described in subsection (b)(2) is conducted with respect to all regulations described in subsection (a) not less frequently than once every 10 years.</content>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/d" styleType="OLC">
<num style="-uslm-dtd:enum" value="d">(d) </num><heading style="-uslm-dtd:header">Regulatory Response.—</heading><chapeau style="-uslm-dtd:text">The Council or the appropriate Federal banking agency shall—</chapeau>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/d/1" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">publish in the Federal Register a summary of the comments received under this section, identifying significant issues raised and providing comment on such issues; and</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/d/2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">eliminate unnecessary regulations to the extent that such action is appropriate.</content>
</paragraph>
</subsection>
<subsection style="-uslm-dtd:subsection" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/e" styleType="OLC">
<num style="-uslm-dtd:enum" value="e">(e) </num><heading style="-uslm-dtd:header">Report to Congress.—</heading><chapeau style="-uslm-dtd:text">Not later than 30 days after carrying out subsection (d)(1), the Council shall submit to the Congress a report, which shall include—</chapeau>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/e/1" styleType="OLC">
<num style="-uslm-dtd:enum" value="1">(1) </num><content style="-uslm-dtd:text">a summary of any significant issues raised by public comments received by the Council and the appropriate Federal banking agencies under this section and the relative merits of such issues; and</content>
</paragraph>
<paragraph style="-uslm-dtd:paragraph" identifier="/us/sComp/104/208/d A/tII/stB/ch2/s2222/e/2" styleType="OLC">
<num style="-uslm-dtd:enum" value="2">(2) </num><content style="-uslm-dtd:text">an analysis of whether the appropriate Federal banking agency involved is able to address the regulatory burdens associated with such issues by regulation, or whether such burdens must be addressed by legislative action.</content>
</paragraph>
</subsection>
</section>
<elided style="-uslm-dtd:omitted-text">* * * * * * *</elided>
</chapter>
</subtitle>