[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2829 Introduced in Senate (IS)]

113th CONGRESS
  2d Session
                                S. 2829

   To require certain financial regulators to determine whether new 
  regulations or orders are duplicative or inconsistent with existing 
              Federal regulations, and for other purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                           September 16, 2014

  Mr. Wicker introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
   To require certain financial regulators to determine whether new 
  regulations or orders are duplicative or inconsistent with existing 
              Federal regulations, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 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.''.

SEC. 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.''.

SEC. 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.''.

SEC. 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.''.

SEC. 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.''.

SEC. 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.''.

SEC. 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.''.

SEC. 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.
                                 <all>