Comprehensive Regulatory Review Act
USA115th CongressHR-4607| House
| Updated: 3/7/2018
Barry Loudermilk
Republican Representative
Georgia
Cosponsors (9)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Comprehensive Regulatory Review Act (Sec. 2) This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. (Sec. 3) The review must be performed at least every 7, rather than 10, years. (Sec. 4) After performing the review, a regulator must consider tailoring regulations to limit specified burdens. (Sec. 5) The bill specifies information and criteria the CFPB must use when conducting its review. (Sec. 6) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
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Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 38 - 17.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 433.
Reported by the Committee on Financial Services. H. Rept. 115-573.
Rules Committee Resolution H. Res. 747 Reported to House. Rule provides for consideration of H.R. 4296 and H.R. 4607. Rule provides for consideration of H.R. 4296 and H.R. 4607 under closed rules with one hour of debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services for each measure.
Rule H. Res. 747 passed House.
Considered under the provisions of rule H. Res. 747. (consideration: CR H1382-1389)
Rule provides for consideration of H.R. 4296 and H.R. 4607. Rule provides for consideration of H.R. 4296 and H.R. 4607 under closed rules with one hour of debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services for each measure.
DEBATE - The House proceeded with one hour of debate on H.R. 4607.
The previous question was ordered pursuant to the rule.
Ms. Clark (MA) moved to recommit with instructions to the Committee on Financial Services. (text: CR H1389)
DEBATE - The House proceeded with 10 minutes of debate on the Clark (MA) motion to recommit with instructions pending a reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to strike on Page 3, line 21 the language "otherwise determined" and insert "such action is at the request of and for the personal gain of the President, his or her immediate family members, or senior Executive Branch officials who are required to file annual financial disclosure forms or is other determined inappropriate". Subsequently, the point of order was withdrawn.
The previous question on the motion to recommit with instructions was ordered without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Clark (MA) motion to recommit, the Chair put the question on adoption of the motion and by voice vote, announced the noes had prevailed. Ms. Clark (MA) demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.
Considered as unfinished business. (consideration: CR H1420-1421)
On motion to recommit with instructions Failed by the Yeas and Nays: 182 - 228 (Roll no. 94).
View VoteOn passage Passed by the Yeas and Nays: 264 - 143 (Roll no. 95). (text: CR H1382-1383)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Finance and Financial Sector
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer creditConsumer Financial Protection BureauDepartment of the TreasuryFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemNational Credit Union Administration
Comprehensive Regulatory Review Act
USA115th CongressHR-4607| House
| Updated: 3/7/2018
Comprehensive Regulatory Review Act (Sec. 2) This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand the required comprehensive review of financial regulatory requirements. Specifically, the review must be completed by the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration, in addition to (as required under current law) the Federal Financial Institutions Examination Council, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Federal Reserve Board. (Sec. 3) The review must be performed at least every 7, rather than 10, years. (Sec. 4) After performing the review, a regulator must consider tailoring regulations to limit specified burdens. (Sec. 5) The bill specifies information and criteria the CFPB must use when conducting its review. (Sec. 6) The bill amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.
Suggested Questions
Get AI-generated questions to help you understand this bill better
Timeline
Introduced in House
Referred to the House Committee on Financial Services.
Committee Consideration and Mark-up Session Held.
Ordered to be Reported by the Yeas and Nays: 38 - 17.
Committee Consideration and Mark-up Session Held.
Placed on the Union Calendar, Calendar No. 433.
Reported by the Committee on Financial Services. H. Rept. 115-573.
Rules Committee Resolution H. Res. 747 Reported to House. Rule provides for consideration of H.R. 4296 and H.R. 4607. Rule provides for consideration of H.R. 4296 and H.R. 4607 under closed rules with one hour of debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services for each measure.
Rule H. Res. 747 passed House.
Considered under the provisions of rule H. Res. 747. (consideration: CR H1382-1389)
Rule provides for consideration of H.R. 4296 and H.R. 4607. Rule provides for consideration of H.R. 4296 and H.R. 4607 under closed rules with one hour of debate equally divided and controlled by the Chair and Ranking Member of the Committee on Financial Services for each measure.
DEBATE - The House proceeded with one hour of debate on H.R. 4607.
The previous question was ordered pursuant to the rule.
Ms. Clark (MA) moved to recommit with instructions to the Committee on Financial Services. (text: CR H1389)
DEBATE - The House proceeded with 10 minutes of debate on the Clark (MA) motion to recommit with instructions pending a reservation of a point of order. The instructions contained in the motion seek to require the bill to be reported back to the House with an amendment to strike on Page 3, line 21 the language "otherwise determined" and insert "such action is at the request of and for the personal gain of the President, his or her immediate family members, or senior Executive Branch officials who are required to file annual financial disclosure forms or is other determined inappropriate". Subsequently, the point of order was withdrawn.
The previous question on the motion to recommit with instructions was ordered without objection.
POSTPONED PROCEEDINGS - At the conclusion of debate on the Clark (MA) motion to recommit, the Chair put the question on adoption of the motion and by voice vote, announced the noes had prevailed. Ms. Clark (MA) demanded the yeas and nays and the Chair postponed further proceedings on the motion to recommit until later in the legislative day.
Considered as unfinished business. (consideration: CR H1420-1421)
On motion to recommit with instructions Failed by the Yeas and Nays: 182 - 228 (Roll no. 94).
View VoteOn passage Passed by the Yeas and Nays: 264 - 143 (Roll no. 95). (text: CR H1382-1383)
View VoteMotion to reconsider laid on the table Agreed to without objection.
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Barry Loudermilk
Republican Representative
Georgia
Cosponsors (9)
Financial Services Committee, Banking, Housing, and Urban Affairs Committee
Finance and Financial Sector
Related Bills
- S 115-2155: Economic Growth, Regulatory Relief, and Consumer Protection Act
- HRES 115-747: Providing for consideration of the bill (H.R. 4296) to place requirements on operational risk capital requirements for banking organizations established by an appropriate Federal banking agency, and providing for consideration of the bill (H.R. 4607) 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.
- Introduced
- In Committee
- On Floor
- Passed Chamber
- Enacted
Administrative law and regulatory proceduresBanking and financial institutions regulationConsumer creditConsumer Financial Protection BureauDepartment of the TreasuryFederal Deposit Insurance Corporation (FDIC)Federal Reserve SystemNational Credit Union Administration