US Congress House Bill 5808 (Prior Session Legislation)

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Sponsorship: Partisan Bill (Republican 5)
Status: Introduced on July 14 2016 - 25% progression, died in committee
Action: 2016-07-14 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Comprehensive Regulatory Review Act of 2016 This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and each of the federal financial regulators to conduct, at least once every five years, a comprehensive review of all regulations prescribed by the council or the regulator, including all regulations issued after December 31, 2006, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons. "Covered persons" are those that engage in offering or providing a consumer financial product or service and affiliates who provide services to them. Under the process for conducting such a review, the council and the appropriate regulator shall also: consider the impact of the regulations on the financial safety and soundness, as well as on the risk profile and business models, of the covered persons; and determine the necessity, appropriateness, and impact of continuing to apply the regulatory action. The bill requires the council and the appropriate regulator to ensure that the notice and comment period with respect to the regulations reviewed is conducted at least once every 5 years (rather than, as currently, 10 years). The council and the appropriate regulator shall eliminate or tailor unnecessary regulations so as to limit the regulatory compliance burdens.

Comprehensive Regulatory Review Act of 2016

Rep. Sean Duffy [R-WI]	Rep. Randy Neugebauer [R-TX]	Rep. Scott Tipton [R-CO]	Rep. Blaine Luetkemeyer [R-MO]
Rep. Robert Hurt [R-VA]

Date	Chamber	Action
2016-07-14	House	Referred to the House Committee on Financial Services.
2016-07-14	House	Introduced in House

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/house-bill/5808/all-info
Text	https://www.congress.gov/114/bills/hr5808/BILLS-114hr5808ih.pdf