[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5527 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 5527

   To amend the Consumer Financial Protection Act of 2010 to require 
congressional review of rulemaking of the Bureau of Consumer Financial 
                  Protection, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             June 16, 2016

 Mr. Williams introduced the following bill; which was referred to the 
 Committee on Financial Services, and in addition to the Committees on 
Rules and the Budget, 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 amend the Consumer Financial Protection Act of 2010 to require 
congressional review of rulemaking of the Bureau of Consumer Financial 
                  Protection, 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 ``CFPB Rule Accountability Act of 
2016''.

SEC. 2. CONGRESSIONAL REVIEW OF RULEMAKING OF THE BUREAU OF CONSUMER 
              FINANCIAL PROTECTION.

    (a) In General.--The Consumer Financial Protection Act of 2010 (12 
U.S.C. 5481 et seq.) is amended by adding at the end the following:

        ``Subtitle I--Congressional Review of Bureau Rulemaking

``SEC. 1100I. CONGRESSIONAL REVIEW.

    ``(a)(1)(A) Before a rule may take effect, the Bureau shall publish 
in the Federal Register a list of information on which the rule is 
based, including data, scientific and economic studies, and cost-
benefit analyses, and identify how the public can access such 
information online, and shall submit to each House of the Congress and 
to the Comptroller General a report containing--
            ``(i) a copy of the rule;
            ``(ii) a concise general statement relating to the rule;
            ``(iii) a classification of the rule as a major or nonmajor 
        rule, including an explanation of the classification 
        specifically addressing each criteria for a major rule 
        contained within subparagraphs (A) through (C) of section 
        1100L(2);
            ``(iv) a list of any other related regulatory actions 
        intended to implement the same statutory provision or 
        regulatory objective as well as the individual and aggregate 
        economic effects of those actions; and
            ``(v) the proposed effective date of the rule.
    ``(B) On the date of the submission of the report under 
subparagraph (A), the Bureau shall submit to the Comptroller General 
and make available to each House of Congress--
            ``(i) a complete copy of the cost-benefit analysis of the 
        rule, if any, including an analysis of any jobs added or lost, 
        differentiating between public and private sector jobs;
            ``(ii) the Bureau's actions pursuant to sections 603, 604, 
        605, 607, and 609 of title 5, United States Code;
            ``(iii) the Bureau's actions pursuant to sections 202, 203, 
        204, and 205 of the Unfunded Mandates Reform Act of 1995; and
            ``(iv) any other relevant information or requirements under 
        any other Act and any relevant Executive orders.
    ``(C) Upon receipt of a report submitted under subparagraph (A), 
each House shall provide copies of the report to the chairman and 
ranking member of each standing committee with jurisdiction under the 
rules of the House of Representatives or the Senate to report a bill to 
amend the provision of law under which the rule is issued.
    ``(2)(A) The Comptroller General shall provide a report on each 
major rule to the committees of jurisdiction by the end of 15 calendar 
days after the submission or publication date. The report of the 
Comptroller General shall include an assessment of the Bureau's 
compliance with procedural steps required by paragraph (1)(B) and an 
assessment of whether the major rule imposes any new limits or mandates 
on private-sector activity.
    ``(B) Federal agencies shall cooperate with the Comptroller General 
by providing information relevant to the Comptroller General's report 
under subparagraph (A).
    ``(3) A major rule relating to a report submitted under paragraph 
(1) shall take effect upon enactment of a joint resolution of approval 
described in section 1100J or as provided for in the rule following 
enactment of a joint resolution of approval described in section 1100J, 
whichever is later.
    ``(4) A nonmajor rule shall take effect as provided by section 
1100K after submission to Congress under paragraph (1).
    ``(5) If a joint resolution of approval relating to a major rule is 
not enacted within the period provided in subsection (b)(2), then a 
joint resolution of approval relating to the same rule may not be 
considered under this subtitle in the same Congress by either the House 
of Representatives or the Senate.
    ``(b)(1) A major rule shall not take effect unless the Congress 
enacts a joint resolution of approval described under section 1100J.
    ``(2) If a joint resolution described in subsection (a) is not 
enacted into law by the end of 70 session days or legislative days, as 
applicable, beginning on the date on which the report referred to in 
subsection (a)(1)(A) is received by Congress (excluding days either 
House of Congress is adjourned for more than 3 days during a session of 
Congress), then the rule described in that resolution shall be deemed 
not to be approved and such rule shall not take effect.
    ``(c)(1) Notwithstanding any other provision of this section 
(except subject to paragraph (3)), a major rule may take effect for one 
90-calendar-day period if the President makes a determination under 
paragraph (2) and submits written notice of such determination to the 
Congress.
    ``(2) Paragraph (1) applies to a determination made by the 
President by Executive order that the major rule should take effect 
because such rule is--
            ``(A) necessary because of an imminent threat to health or 
        safety or other emergency;
            ``(B) necessary for the enforcement of criminal laws;
            ``(C) necessary for national security; or
            ``(D) issued pursuant to any statute implementing an 
        international trade agreement.
    ``(3) An exercise by the President of the authority under this 
subsection shall have no effect on the procedures under section 1100J.
    ``(d)(1) In addition to the opportunity for review otherwise 
provided under this subtitle, in the case of any rule for which a 
report was submitted in accordance with subsection (a)(1)(A) during the 
period beginning on the date occurring--
            ``(A) in the case of the Senate, 60 session days; or
            ``(B) in the case of the House of Representatives, 60 
        legislative days,
before the date the Congress is scheduled to adjourn a session of 
Congress through the date on which the same or succeeding Congress 
first convenes its next session, sections 1100J and 1100K shall apply 
to such rule in the succeeding session of Congress.
    ``(2)(A) In applying sections 1100J and 1100K for purposes of such 
additional review, a rule described under paragraph (1) shall be 
treated as though--
            ``(i) such rule were published in the Federal Register on--
                    ``(I) in the case of the Senate, the 15th session 
                day; or
                    ``(II) in the case of the House of Representatives, 
                the 15th legislative day,
        after the succeeding session of Congress first convenes; and
            ``(ii) a report on such rule were submitted to Congress 
        under subsection (a)(1) on such date.
    ``(B) Nothing in this paragraph shall be construed to affect the 
requirement under subsection (a)(1) that a report shall be submitted to 
Congress before a rule can take effect.
    ``(3) A rule described under paragraph (1) shall take effect as 
otherwise provided by law (including other subsections of this 
section).

``SEC. 1100J. CONGRESSIONAL APPROVAL PROCEDURE FOR MAJOR RULES.

    ``(a)(1) For purposes of this section, the term `joint resolution' 
means only a joint resolution addressing a report classifying a rule as 
major pursuant to section 1100I(a)(1)(A)(iii) that--
            ``(A) bears no preamble;
            ``(B) bears the following title (with blanks filled as 
        appropriate): `Approving the rule submitted by ___ relating to 
        ___.';
            ``(C) includes after its resolving clause only the 
        following (with blanks filled as appropriate): `That Congress 
        approves the rule submitted by ___ relating to ___.'; and
            ``(D) is introduced pursuant to paragraph (2).
    ``(2) After a House of Congress receives a report classifying a 
rule as major pursuant to section 1100I(a)(1)(A)(iii), the majority 
leader of that House (or his or her respective designee) shall 
introduce (by request, if appropriate) a joint resolution described in 
paragraph (1)--
            ``(A) in the case of the House of Representatives, within 3 
        legislative days; and
            ``(B) in the case of the Senate, within 3 session days.
    ``(3) A joint resolution described in paragraph (1) shall not be 
subject to amendment at any stage of proceeding.
    ``(b) A joint resolution described in subsection (a) shall be 
referred in each House of Congress to the committees having 
jurisdiction over the provision of law under which the rule is issued.
    ``(c) In the Senate, if the committee or committees to which a 
joint resolution described in subsection (a) has been referred have not 
reported it at the end of 15 session days after its introduction, such 
committee or committees shall be automatically discharged from further 
consideration of the resolution and it shall be placed on the calendar. 
A vote on final passage of the resolution shall be taken on or before 
the close of the 15th session day after the resolution is reported by 
the committee or committees to which it was referred, or after such 
committee or committees have been discharged from further consideration 
of the resolution.
    ``(d)(1) In the Senate, when the committee or committees to which a 
joint resolution is referred have reported, or when a committee or 
committees are discharged (under subsection (c)) from further 
consideration of a joint resolution described in subsection (a), it is 
at any time thereafter in order (even though a previous motion to the 
same effect has been disagreed to) for a motion to proceed to the 
consideration of the joint resolution, and all points of order against 
the joint resolution (and against consideration of the joint 
resolution) are waived. The motion is not subject to amendment, or to a 
motion to postpone, or to a motion to proceed to the consideration of 
other business. A motion to reconsider the vote by which the motion is 
agreed to or disagreed to shall not be in order. If a motion to proceed 
to the consideration of the joint resolution is agreed to, the joint 
resolution shall remain the unfinished business of the Senate until 
disposed of.
    ``(2) In the Senate, debate on the joint resolution, and on all 
debatable motions and appeals in connection therewith, shall be limited 
to not more than 2 hours, which shall be divided equally between those 
favoring and those opposing the joint resolution. A motion to further 
limit debate is in order and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed to the consideration of 
other business, or a motion to recommit the joint resolution is not in 
order.
    ``(3) In the Senate, immediately following the conclusion of the 
debate on a joint resolution described in subsection (a), and a single 
quorum call at the conclusion of the debate if requested in accordance 
with the rules of the Senate, the vote on final passage of the joint 
resolution shall occur.
    ``(4) Appeals from the decisions of the Chair relating to the 
application of the rules of the Senate to the procedure relating to a 
joint resolution described in subsection (a) shall be decided without 
debate.
    ``(e) In the House of Representatives, if any committee to which a 
joint resolution described in subsection (a) has been referred has not 
reported it to the House at the end of 15 legislative days after its 
introduction, such committee shall be discharged from further 
consideration of the joint resolution, and it shall be placed on the 
appropriate calendar. On the second and fourth Thursdays of each month 
it shall be in order at any time for the Speaker to recognize a Member 
who favors passage of a joint resolution that has appeared on the 
calendar for at least 5 legislative days to call up that joint 
resolution for immediate consideration in the House without 
intervention of any point of order. When so called up a joint 
resolution shall be considered as read and shall be debatable for 1 
hour equally divided and controlled by the proponent and an opponent, 
and the previous question shall be considered as ordered to its passage 
without intervening motion. It shall not be in order to reconsider the 
vote on passage. If a vote on final passage of the joint resolution has 
not been taken by the third Thursday on which the Speaker may recognize 
a Member under this subsection, such vote shall be taken on that day.
    ``(f)(1) If, before passing a joint resolution described in 
subsection (a), one House receives from the other a joint resolution 
having the same text, then--
            ``(A) the joint resolution of the other House shall not be 
        referred to a committee; and
            ``(B) the procedure in the receiving House shall be the 
        same as if no joint resolution had been received from the other 
        House until the vote on passage, when the joint resolution 
        received from the other House shall supplant the joint 
        resolution of the receiving House.
    ``(2) This subsection shall not apply to the House of 
Representatives if the joint resolution received from the Senate is a 
revenue measure.
    ``(g) If either House has not taken a vote on final passage of the 
joint resolution by the last day of the period described in section 
1100I(b)(2), then such vote shall be taken on that day.
    ``(h) This section and section 1100K are enacted by Congress--
            ``(1) as an exercise of the rulemaking power of the Senate 
        and House of Representatives, respectively, and as such is 
        deemed to be part of the rules of each House, respectively, but 
        applicable only with respect to the procedure to be followed in 
        that House in the case of a joint resolution described in 
        subsection (a) and superseding other rules only where 
        explicitly so; and
            ``(2) with full recognition of the constitutional right of 
        either House to change the rules (so far as they relate to the 
        procedure of that House) at any time, in the same manner and to 
        the same extent as in the case of any other rule of that House.

``SEC. 1100K. CONGRESSIONAL DISAPPROVAL PROCEDURE FOR NONMAJOR RULES.

    ``(a) For purposes of this section, the term `joint resolution' 
means only a joint resolution introduced in the period beginning on the 
date on which the report referred to in section 1100I(a)(1)(A) is 
received by Congress and ending 60 days thereafter (excluding days 
either House of Congress is adjourned for more than 3 days during a 
session of Congress), the matter after the resolving clause of which is 
as follows: `That Congress disapproves the nonmajor rule submitted by 
the ___ relating to ___, and such rule shall have no force or effect.' 
(The blank spaces being appropriately filled in).
    ``(b) A joint resolution described in subsection (a) shall be 
referred to the committees in each House of Congress with jurisdiction.
    ``(c) In the Senate, if the committee to which is referred a joint 
resolution described in subsection (a) has not reported such joint 
resolution (or an identical joint resolution) at the end of 15 session 
days after the date of introduction of the joint resolution, such 
committee may be discharged from further consideration of such joint 
resolution upon a petition supported in writing by 30 Members of the 
Senate, and such joint resolution shall be placed on the calendar.
    ``(d)(1) In the Senate, when the committee to which a joint 
resolution is referred has reported, or when a committee is discharged 
(under subsection (c)) from further consideration of a joint resolution 
described in subsection (a), it is at any time thereafter in order 
(even though a previous motion to the same effect has been disagreed 
to) for a motion to proceed to the consideration of the joint 
resolution, and all points of order against the joint resolution (and 
against consideration of the joint resolution) are waived. The motion 
is not subject to amendment, or to a motion to postpone, or to a motion 
to proceed to the consideration of other business. A motion to 
reconsider the vote by which the motion is agreed to or disagreed to 
shall not be in order. If a motion to proceed to the consideration of 
the joint resolution is agreed to, the joint resolution shall remain 
the unfinished business of the Senate until disposed of.
    ``(2) In the Senate, debate on the joint resolution, and on all 
debatable motions and appeals in connection therewith, shall be limited 
to not more than 10 hours, which shall be divided equally between those 
favoring and those opposing the joint resolution. A motion to further 
limit debate is in order and not debatable. An amendment to, or a 
motion to postpone, or a motion to proceed to the consideration of 
other business, or a motion to recommit the joint resolution is not in 
order.
    ``(3) In the Senate, immediately following the conclusion of the 
debate on a joint resolution described in subsection (a), and a single 
quorum call at the conclusion of the debate if requested in accordance 
with the rules of the Senate, the vote on final passage of the joint 
resolution shall occur.
    ``(4) Appeals from the decisions of the Chair relating to the 
application of the rules of the Senate to the procedure relating to a 
joint resolution described in subsection (a) shall be decided without 
debate.
    ``(e) In the Senate, the procedure specified in subsection (c) or 
(d) shall not apply to the consideration of a joint resolution 
respecting a nonmajor rule--
            ``(1) after the expiration of the 60 session days beginning 
        with the applicable submission or publication date; or
            ``(2) if the report under section 1100I(a)(1)(A) was 
        submitted during the period referred to in section 1100I(d)(1), 
        after the expiration of the 60 session days beginning on the 
        15th session day after the succeeding session of Congress first 
        convenes.
    ``(f) If, before the passage by one House of a joint resolution of 
that House described in subsection (a), that House receives from the 
other House a joint resolution described in subsection (a), then the 
following procedures shall apply:
            ``(1) The joint resolution of the other House shall not be 
        referred to a committee.
            ``(2) With respect to a joint resolution described in 
        subsection (a) of the House receiving the joint resolution--
                    ``(A) the procedure in that House shall be the same 
                as if no joint resolution had been received from the 
                other House; but
                    ``(B) the vote on final passage shall be on the 
                joint resolution of the other House.

``SEC. 1100L. DEFINITIONS.

    ``For purposes of this subtitle:
            ``(1) The term `Bureau' means the Bureau of Consumer 
        Financial Protection.
            ``(2) The term `major rule' means any rule, including an 
        interim final rule, that the Administrator of the Office of 
        Information and Regulatory Affairs of the Office of Management 
        and Budget finds has resulted in or is likely to result in--
                    ``(A) an annual effect on the economy of $100 
                million or more;
                    ``(B) a major increase in costs or prices for 
                consumers, individual industries, Federal, State, or 
                local government agencies, or geographic regions; or
                    ``(C) significant adverse effects on competition, 
                employment, investment, productivity, innovation, or on 
                the ability of United States-based enterprises to 
                compete with foreign-based enterprises in domestic and 
                export markets.
            ``(3) The term `nonmajor rule' means any rule that is not a 
        major rule.
            ``(4) The term `rule' has the meaning given such term in 
        section 551 of title 5, United States Code, except that such 
        term does not include--
                    ``(A) any rule of particular applicability, 
                including a rule that approves or prescribes for the 
                future rates, wages, prices, services, or allowances 
                therefore, corporate or financial structures, 
                reorganizations, mergers, or acquisitions thereof, or 
                accounting practices or disclosures bearing on any of 
                the foregoing;
                    ``(B) any rule relating to agency management or 
                personnel; or
                    ``(C) any rule of agency organization, procedure, 
                or practice that does not substantially affect the 
                rights or obligations of non-agency parties.
            ``(5) The term `submission date or publication date', 
        except as otherwise provided in this subtitle, means--
                    ``(A) in the case of a major rule, the date on 
                which the Congress receives the report submitted under 
                section 1100I(a)(1); and
                    ``(B) in the case of a nonmajor rule, the later 
                of--
                            ``(i) the date on which the Congress 
                        receives the report submitted under section 
                        1100I(a)(1); and
                            ``(ii) the date on which the nonmajor rule 
                        is published in the Federal Register, if so 
                        published.

``SEC. 1100M. JUDICIAL REVIEW.

    ``(a) No determination, finding, action, or omission under this 
subtitle shall be subject to judicial review.
    ``(b) Notwithstanding subsection (a), a court may determine whether 
a Federal agency has completed the necessary requirements under this 
subtitle for a rule to take effect.
    ``(c) The enactment of a joint resolution of approval under section 
1100J shall not be interpreted to serve as a grant or modification of 
statutory authority by Congress for the promulgation of a rule, shall 
not extinguish or affect any claim, whether substantive or procedural, 
against any alleged defect in a rule, and shall not form part of the 
record before the court in any judicial proceeding concerning a rule 
except for purposes of determining whether or not the rule is in 
effect.

``SEC. 1100N. EFFECTIVE DATE OF CERTAIN RULES.

    ``Notwithstanding section 1100I--
            ``(1) any rule that establishes, modifies, opens, closes, 
        or conducts a regulatory program for a commercial, 
        recreational, or subsistence activity related to hunting, 
        fishing, or camping; or
            ``(2) any rule other than a major rule which the Bureau for 
        good cause finds (and incorporates the finding and a brief 
        statement of reasons therefore in the rule issued) that notice 
        and public procedure thereon are impracticable, unnecessary, or 
        contrary to the public interest,
shall take effect at such time as the Bureau promulgating the rule 
determines.''.
    (b) Table of Contents Amendment.--The table of contents in section 
1 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 
U.S.C. 5301 et seq.) is amended by inserting after the item relating to 
section 1100H the following:

        ``Subtitle I--Congressional Review of Bureau Rulemaking

``Sec. 1100I. Congressional review.
``Sec. 1100J. Congressional approval procedure for major rules.
``Sec. 1100K. Congressional disapproval procedure for nonmajor rules.
``Sec. 1100L. Definitions.
``Sec. 1100M. Judicial review.
``Sec. 1100N. Effective date of certain rules.''.
    (c) Budgetary Effects of Rules Subject to Section 1100J of the 
Consumer Financial Protection Act of 2010.--Section 257(b)(2) of the 
Balanced Budget and Emergency Deficit Control Act of 1985 is amended by 
adding at the end the following new subparagraph:
                    ``(E) Budgetary effects of rules subject to section 
                1100j of the consumer financial protection act of 
                2010.--Any rules subject to the congressional approval 
                procedure set forth in section 1100J of the Consumer 
                Financial Protection Act of 2010 affecting budget 
                authority, outlays, or receipts shall be assumed to be 
                effective unless it is not approved in accordance with 
                such section.''.
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