[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3705 Introduced in House (IH)]

<DOC>






114th CONGRESS
  1st Session
                                H. R. 3705

   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 HOUSE OF REPRESENTATIVES

                            October 7, 2015

Mr. Pittenger introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committee on 
Agriculture, 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 concerned

_______________________________________________________________________

                                 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 
2015''.

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 regulation or order the 
        Corporation shall 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 take all available measures 
        under current law to resolve 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 Corporation makes a 
        determination under paragraph (2), the Corporation shall issue 
        a report to the Congress containing recommendations made by the 
        Corporation, including any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(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 terms `regulation' and 
                `order' shall have the meaning given those terms, 
                respectively, 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 regulation or order the 
        Comptroller of the Currency shall 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 take all available measures 
        under current law to resolve 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 any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(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 terms `regulation' and `order' shall have the 
        meaning given those terms, respectively, 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 regulation or 
                order the Board of Governors of the Federal Reserve 
                System shall 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 
                take all available measures under current law to 
                resolve 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 any recommendations of Federal 
                laws or regulations that should be repealed or amended, 
                so that the Congress may repeal or amend any 
                conflicting, inconsistent, duplicative, or outdated 
                laws or regulations.
                    ``(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 terms `regulation' and `order' 
                shall have the meaning given those terms, respectively, 
                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 regulation or order the 
        Bureau shall 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 take all available measures under 
        current law to resolve 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 any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(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 terms `regulation' and `order' shall have the 
        meaning given those terms, respectively, 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 regulation or order the 
        Administration shall 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 take all available measures 
        under current law to resolve 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 any recommendations of Federal 
        laws or regulations that should be repealed or amended, so that 
        the Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(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 terms `regulation' and `order' shall have the 
        meaning given those terms, respectively, 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 regulation or order the 
        Commission shall 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 take all available measures under 
        current law to resolve 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 any recommendations of Federal laws or 
        regulations that should be repealed or amended, so that the 
        Congress may repeal or amend any conflicting, inconsistent, 
        duplicative, or outdated laws or regulations.
            ``(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 terms `regulation' and `order' shall have the 
        meaning given those terms, respectively, 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 regulation or 
                order the Commission shall 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 take all 
                available measures under current law to resolve 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 any recommendations of Federal 
                laws or regulations that should be repealed or amended, 
                so that the Congress may repeal or amend any 
                conflicting, inconsistent, duplicative, or outdated 
                laws or regulations.
                    ``(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 terms `regulation' and `order' 
                shall have the meaning given those terms, respectively, 
                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.
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