This bill amends section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311). It changes the term "appropriate Federal banking agency" to "Federal financial institutions regulatory agency" and requires the agencies covered by that statute to review regulations more often (every 5 years instead of every 10 years). The bill adds a required internal review that must do all of the following: assess effects on consumers' access to financial products and services; assess effects on availability of products and services to financial and nonfinancial firms; assess impacts on credit availability and market liquidity in U.S. financial markets; weigh benefits and costs with respect to safety and soundness and overall U.S. economic activity; to the extent practicable, quantify direct and indirect economic costs; and include recommendations to streamline, simplify, or remove duplicative, outdated, or unnecessarily burdensome regulations. The bill also requires summaries of those internal reviews to be included in agency reports and defines "Federal financial institutions regulatory agency" by reference to section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302).
The agencies that supervise banks and other financial firms must check their rules every five years and look at the combined effects of those rules. Their reviews must look at whether rules affect consumers' access to financial products, whether rules affect how firms offer products and services, and whether rules affect credit and market liquidity. The agencies must try to measure economic costs and propose ways to reduce duplicate or outdated requirements. No publicly available information on how or when specific rules would change as a result of these reviews.
No publicly available information on estimated costs, budget changes, or dedicated funding for carrying out the reviews.
No publicly available information.
No publicly available information.