Financial Regulatory Clarity Act of 2015
Requires the Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the National Credit Union Administration, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, before issuing a regulation or order, to assess other federal regulations and orders to determine whether: (1) the agency's proposal is in conflict with, inconsistent with, or duplicative of such regulations or orders; and (2) such other federal regulations or orders are outdated.
[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.
<all>
Introduced in House
Introduced in House
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.
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.
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.
Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
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