US Congress House Bill 5211 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 5-0)
Status: Introduced on May 12 2016 - 25% progression, died in committee
Action: 2016-05-12 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

CFPB Dual Mandate and Economic Analysis Act This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services. The CFPB shall implement and, where applicable, enforce federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice. The CFPB shall establish an Office of Economic Analysis (OEA) to: review all CFPB proposed guidance, orders, rules and regulations; assess their impact on consumer choice, price, and access to credit products; assess them again after 1, 2, 5, and 10 years; measure the success of the rule, regulation, guidance, or order in solving the problem it was intended to solve when issued; and report on these reviews and assessments in the Federal Register. Before issuing any guidance, order, rule, or regulation, the CFPB shall consider the OEA's review and assessment of it, giving notice and explanation if the CFPB disagrees with the OEA. The CFPB shall also, in each proposed rulemaking, identify the problem the particular rule or regulations is seeking to solve, and specify the metrics by which success in solving the problem will be measured.

CFPB Dual Mandate and Economic Analysis Act

Rep. Tom Emmer [R-MN]	Rep. Robert Pittenger [R-NC]	Rep. Garland Barr [R-KY]	Rep. Randy Neugebauer [R-TX]
Rep. Steve Stivers [R-OH]

Date	Chamber	Action
2016-05-12	House	Referred to the House Committee on Financial Services.
2016-05-12	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5211/all-info
Text	https://www.congress.gov/114/bills/hr5211/BILLS-114hr5211ih.pdf