[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5808 Introduced in House (IH)]

<DOC>






114th CONGRESS
  2d Session
                                H. R. 5808

To amend the Economic Growth and Regulatory Paperwork Reduction Act of 
      1996 to ensure that Federal financial regulators perform a 
 comprehensive review of regulations to identify outdated or otherwise 
unnecessary regulatory requirements imposed on covered persons, and for 
                            other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 14, 2016

 Mr. Duffy (for himself, Mr. Neugebauer, Mr. Tipton, Mr. Luetkemeyer, 
  and Mr. Hurt of Virginia) introduced the following bill; which was 
            referred to the Committee on Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Economic Growth and Regulatory Paperwork Reduction Act of 
      1996 to ensure that Federal financial regulators perform a 
 comprehensive review of regulations to identify outdated or otherwise 
unnecessary regulatory requirements imposed on covered persons, 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 ``Comprehensive Regulatory Review Act 
of 2016''.

SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC GROWTH AND REGULATORY 
              PAPER REDUCTION ACT.

    Section 2001(c) of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (12 U.S.C. 252 note) is amended by adding at the 
end the following new paragraphs:
            ``(8) Covered person.--The term `covered person' has the 
        meaning given such term in section 1002 of the Consumer 
        Financial Protection Act of 2010 (12 U.S.C. 5481).
            ``(9) Federal financial regulator.--The term `Federal 
        financial regulator' means the Office of the Comptroller of the 
        Currency, the Federal Deposit Insurance Corporation, the Board 
        of Governors of the Federal Reserve System, the Bureau of 
        Consumer Financial Protection, and the National Credit Union 
        Administration Board.''.

SEC. 3. ENSURING A COMPREHENSIVE REGULATORY REVIEW.

    (a) In General.--Section 2222 of the Economic Growth and Regulatory 
Paperwork Reduction Act of 1996 (12 U.S.C. 3311) is amended--
            (1) in subsection (a)--
                    (A) by striking ``10 years'' and inserting ``5 
                years'';
                    (B) by striking ``each appropriate'' and all that 
                follows through ``review'' and inserting ``the Federal 
                financial regulator shall each conduct a comprehensive 
                review'';
                    (C) by striking ``any such appropriate Federal 
                banking agency'' and inserting ``such Federal financial 
                regulator, jointly or otherwise, and including all 
                regulations issued after December 31st, 2006''; and
                    (D) by striking ``insured depository institutions'' 
                and inserting ``covered persons''.
    (b) Conforming Amendments.--Such section is amended--
            (1) in subsections (b), (c), (d), and (e), by striking 
        ``the appropriate Federal banking agency'' each place that term 
        appears and inserting ``the appropriate Federal financial 
        regulator''; and
            (2) in subsection (e)(1), by striking ``the appropriate 
        Federal banking agencies'' and inserting ``the appropriate 
        Federal financial regulator''.

SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGULATORY REVIEW.

    Section 2222 of the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 (12 U.S.C. 3311), as amended by section 3, is 
further amended--
            (1) in subsection (b)--
                    (A) in paragraph (1), by striking ``and'' at the 
                end;
                    (B) by redesignating paragraph (2) as paragraph 
                (5); and
                    (C) by inserting after paragraph (1) the following 
                new paragraphs:
            ``(2) consider the impact of the regulations on the 
        financial safety and soundness of covered persons;
            ``(3) consider the impact of the regulations on the risk 
        profile and business models of covered persons subject to the 
        regulatory action;
            ``(4) determine the necessity, appropriateness, and impact 
        of continuing to apply such regulatory action to such covered 
        persons; and'';
            (2) in subsection (c), by striking ``10 years'' and 
        inserting ``5 years''; and
            (3) in subsection (d), by amending paragraph (2) to read as 
        follows:
            ``(2) eliminate or tailor unnecessary regulations related 
        to covered persons in a manner that limits the regulatory 
        compliance impact, cost, liability risk, and other burdens, as 
        is appropriate.''.
                                 <all>