I 

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. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Financial Regulatory 

5 Clarity Act of 2015’’. 


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1 SEC. 2. FEDERAL DEPOSIT INSURANCE CORPORATION. 

2 Section 9 of the Federal Deposit Insurance Act (12 

3 U.S.C. 1819) is amended by adding at the end the fol4 lowing: 

5 ‘‘(c) REVIEW OF REGULATIONS.— 

6 ‘‘(1) IN GENERAL.—Before issuing a regulation 

7 or order the Corporation shall assess other Federal 

8 regulations and orders to determine the interaction 

9 between the proposed regulation or order and other 

10 Federal regulations and orders. 

11 ‘‘(2) CONSIDERATIONS.—In making a deter12 mination of the interaction between the proposed 

13 regulation or order and other Federal regulations, 

14 the Corporation shall evaluate the following: 

15 ‘‘(A) Whether the proposed regulation or 

16 order is in conflict with other Federal regula17 tions or orders. 

18 ‘‘(B) Whether the proposed regulation or 

19 order is inconsistent with other Federal regula20 tions or orders. 

21 ‘‘(C) Whether the proposed regulation or 

22 order is duplicative of other Federal regulations 

23 or orders. 

24 ‘‘(D) Whether other Federal regulations or 

25 orders are outdated. 


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1 ‘‘(3) RESOLVING DUPLICATIVE OR INCON2 SISTENT REGULATIONS OR ORDERS.—The Corpora3 tion shall take all available measures under current 

4 law to resolve any duplicative or inconsistent existing 

5 regulation or order with any proposed regulation or 

6 order before issuing a final regulation or order. 

7 ‘‘(4) REPORT TO CONGRESS.—Not later than 

8 the end of the 60-day period beginning on the date 

9 the Corporation makes a determination under para10 graph (2), the Corporation shall issue a report to 

11 the Congress containing recommendations made by 

12 the Corporation, including any recommendations of 

13 Federal laws or regulations that should be repealed 

14 or amended, so that the Congress may repeal or 

15 amend any conflicting, inconsistent, duplicative, or 

16 outdated laws or regulations. 

17 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not18 withstanding any other provision of law, a court may 

19 not compel action or hold unlawful and set aside any 

20 action solely on the basis of compliance or non21 compliance with the requirements of this subsection. 

22 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

23 purposes of this subsection: 

24 ‘‘(A) IN GENERAL.—The terms ‘regulation’ 

25 and ‘order’ shall have the meaning given those 


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1 terms, respectively, by the Corporation, and the 

2 term ‘other Federal regulations and orders’ 

3 shall mean regulations and orders of the Fed4 eral financial regulators, other than the Cor5 poration. 

6 ‘‘(B) FEDERAL FINANCIAL REGU7 LATORS.—The term ‘Federal financial regu8 lators’ means the Board of Governors of the 

9 Federal Reserve System, the Bureau of Con10 sumer Financial Protection, the Commodity Fu11 tures Trading Commission, the Comptroller of 

12 the Currency, the Corporation, the National 

13 Credit Union Administration, and the Securities 

14 and Exchange Commission.’’. 

15 SEC. 3. OFFICE OF COMPTROLLER OF THE CURRENCY. 

16 Section 324 of the Revised Statutes of the United 

17 States (12 U.S.C. 1) is amended by adding at the end 

18 the following: 

19 ‘‘(c) REVIEW OF REGULATIONS.— 

20 ‘‘(1) IN GENERAL.—Before issuing a regulation 

21 or order the Comptroller of the Currency shall as22 sess other Federal regulations and orders to deter23 mine the interaction between the proposed regulation 

24 or order and other Federal regulations and orders. 


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1 ‘‘(2) CONSIDERATIONS.—In making a deter2 mination of the interaction between the proposed 

3 regulation or order and other Federal regulations, 

4 the Comptroller shall evaluate the following: 

5 ‘‘(A) Whether the proposed regulation or 

6 order is in conflict with other Federal regula7 tions or orders. 

8 ‘‘(B) Whether the proposed regulation or 

9 order is inconsistent with other Federal regula10 tions or orders. 

11 ‘‘(C) Whether the proposed regulation or 

12 order is duplicative of other Federal regulations 

13 or orders. 

14 ‘‘(D) Whether other Federal regulations or 

15 orders are outdated. 

16 ‘‘(3) RESOLVING DUPLICATIVE OR INCON17 SISTENT REGULATIONS OR ORDERS.—The Comp18 troller shall take all available measures under cur19 rent law to resolve any duplicative or inconsistent 

20 existing regulation or order with any proposed regu21 lation or order before issuing a final regulation or 

22 order. 

23 ‘‘(4) REPORT TO CONGRESS.—Not later than 

24 the end of the 60-day period beginning on the date 

25 the Comptroller makes a determination under paraVerDate Sep 11 2014 23:36 Oct 09, 2015 Jkt 059200 PO 00000 Frm 00005 Fmt 6652 Sfmt 6201 E:\BILLS\H3705.IH H3705

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1 graph (2), the Comptroller shall issue a report to the 

2 Congress containing recommendations made by the 

3 Comptroller, including any recommendations of Fed4 eral laws or regulations that should be repealed or 

5 amended, so that the Congress may repeal or amend 

6 any conflicting, inconsistent, duplicative, or outdated 

7 laws or regulations. 

8 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not9 withstanding any other provision of law, a court may 

10 not compel action or hold unlawful and set aside any 

11 action solely on the basis of compliance or non12 compliance with the requirements of this subsection. 

13 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

14 purposes of this subsection, the terms ‘regulation’ 

15 and ‘order’ shall have the meaning given those 

16 terms, respectively, by the Comptroller, and the term 

17 ‘other Federal regulations and orders’ shall mean 

18 regulations and orders of the Federal financial regu19 lators (as defined under section 9(c)(6)(B) of the 

20 Federal Deposit Insurance Act), other than the 

21 Comptroller.’’. 

22 SEC. 4. BOARD OF GOVERNORS OF THE FEDERAL RESERVE 

23 SYSTEM. 

24 Section 10 of the Federal Reserve Act is amended 

25 by inserting before paragraph (12) the following: 


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1 ‘‘(11) REVIEW OF REGULATIONS.— 

2 ‘‘(A) IN GENERAL.—Before issuing a regu3 lation or order the Board of Governors of the 

4 Federal Reserve System shall assess other Fed5 eral regulations and orders to determine the 

6 interaction between the proposed regulation or 

7 order and other Federal regulations and orders. 

8 ‘‘(B) CONSIDERATIONS.—In making a de9 termination of the interaction between the pro10 posed regulation or order and other Federal 

11 regulations, the Board of Governors shall evalu12 ate the following: 

13 ‘‘(i) Whether the proposed regulation 

14 or order is in conflict with other Federal 

15 regulations or orders. 

16 ‘‘(ii) Whether the proposed regulation 

17 or order is inconsistent with other Federal 

18 regulations or orders. 

19 ‘‘(iii) Whether the proposed regulation 

20 or order is duplicative of other Federal 

21 regulations or orders. 

22 ‘‘(iv) Whether other Federal regula23 tions or orders are outdated. 

24 ‘‘(C) RESOLVING DUPLICATIVE OR INCON25 SISTENT REGULATIONS OR ORDERS.—The 


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1 Board of Governors shall take all available 

2 measures under current law to resolve any du3 plicative or inconsistent existing regulation or 

4 order with any proposed regulation or order be5 fore issuing a final regulation or order. 

6 ‘‘(D) REPORT TO CONGRESS.—Not later 

7 than the end of the 60-day period beginning on 

8 the date the Board of Governors makes a deter9 mination under subparagraph (B), the Board of 

10 Governors shall issue a report to the Congress 

11 containing recommendations made by the 

12 Board of Governors, including any rec13 ommendations of Federal laws or regulations 

14 that should be repealed or amended, so that the 

15 Congress may repeal or amend any conflicting, 

16 inconsistent, duplicative, or outdated laws or 

17 regulations. 

18 ‘‘(E) LIMITATION ON JUDICIAL REVIEW.— 

19 Notwithstanding any other provision of law, a 

20 court may not compel action or hold unlawful 

21 and set aside any action solely on the basis of 

22 compliance or noncompliance with the require23 ments of this paragraph. 

24 ‘‘(F) REGULATION AND ORDER DE25 FINED.—For purposes of this paragraph, the 


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1 terms ‘regulation’ and ‘order’ shall have the 

2 meaning given those terms, respectively, by the 

3 Board of Governors, and the term ‘other Fed4 eral regulations and orders’ shall mean regula5 tions and orders of the Federal financial regu6 lators (as defined under section 9(c)(6)(B) of 

7 the Federal Deposit Insurance Act), other than 

8 the Board of Governors.’’. 

9 SEC. 5. BUREAU OF CONSUMER FINANCIAL PROTECTION. 

10 Section 1022 of the Consumer Financial Protection 

11 Act of 2010 (12 U.S.C. 5512) is amended by adding at 

12 the end the following: 

13 ‘‘(e) REVIEW OF REGULATIONS.— 

14 ‘‘(1) IN GENERAL.—Before issuing a regulation 

15 or order the Bureau shall assess other Federal regu16 lations and orders to determine the interaction be17 tween the proposed regulation or order and other 

18 Federal regulations and orders. 

19 ‘‘(2) CONSIDERATIONS.—In making a deter20 mination of the interaction between the proposed 

21 regulation or order and other Federal regulations, 

22 the Bureau shall evaluate the following: 

23 ‘‘(A) Whether the proposed regulation or 

24 order is in conflict with other Federal regula25 tions or orders. 


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1 ‘‘(B) Whether the proposed regulation or 

2 order is inconsistent with other Federal regula3 tions or orders. 

4 ‘‘(C) Whether the proposed regulation or 

5 order is duplicative of other Federal regulations 

6 or orders. 

7 ‘‘(D) Whether other Federal regulations or 

8 orders are outdated. 

9 ‘‘(3) RESOLVING DUPLICATIVE OR INCON10 SISTENT REGULATIONS OR ORDERS.—The Bureau 

11 shall take all available measures under current law 

12 to resolve any duplicative or inconsistent existing 

13 regulation or order with any proposed regulation or 

14 order before issuing a final regulation or order. 

15 ‘‘(4) REPORT TO CONGRESS.—Not later than 

16 the end of the 60-day period beginning on the date 

17 the Bureau makes a determination under paragraph 

18 (2), the Bureau shall issue a report to the Congress 

19 containing recommendations made by the Bureau, 

20 including any recommendations of Federal laws or 

21 regulations that should be repealed or amended, so 

22 that the Congress may repeal or amend any con23 flicting, inconsistent, duplicative, or outdated laws or 

24 regulations. 


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1 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not2 withstanding any other provision of law, a court may 

3 not compel action or hold unlawful and set aside any 

4 action solely on the basis of compliance or non5 compliance with the requirements of this subsection. 

6 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

7 purposes of this subsection, the terms ‘regulation’ 

8 and ‘order’ shall have the meaning given those 

9 terms, respectively, by the Bureau, and the term 

10 ‘other Federal regulations and orders’ shall mean 

11 regulations and orders of the Federal financial regu12 lators (as defined under section 9(c)(6)(B) of the 

13 Federal Deposit Insurance Act), other than the Bu14 reau.’’. 

15 SEC. 6. NATIONAL CREDIT UNION ADMINISTRATION. 

16 Section 102 of the Federal Credit Union Act (12 

17 U.S.C. 1752a) is amended by adding at the end the fol18 lowing: 

19 ‘‘(g) REVIEW OF REGULATIONS.— 

20 ‘‘(1) IN GENERAL.—Before issuing a regulation 

21 or order the Administration shall assess other Fed22 eral regulations and orders to determine the inter23 action between the proposed regulation or order and 

24 other Federal regulations and orders. 


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1 ‘‘(2) CONSIDERATIONS.—In making a deter2 mination of the interaction between the proposed 

3 regulation or order and other Federal regulations, 

4 the Administration shall evaluate the following: 

5 ‘‘(A) Whether the proposed regulation or 

6 order is in conflict with other Federal regula7 tions or orders. 

8 ‘‘(B) Whether the proposed regulation or 

9 order is inconsistent with other Federal regula10 tions or orders. 

11 ‘‘(C) Whether the proposed regulation or 

12 order is duplicative of other Federal regulations 

13 or orders. 

14 ‘‘(D) Whether other Federal regulations or 

15 orders are outdated. 

16 ‘‘(3) RESOLVING DUPLICATIVE OR INCON17 SISTENT REGULATIONS OR ORDERS.—The Adminis18 tration shall take all available measures under cur19 rent law to resolve any duplicative or inconsistent 

20 existing regulation or order with any proposed regu21 lation or order before issuing a final regulation or 

22 order. 

23 ‘‘(4) REPORT TO CONGRESS.—Not later than 

24 the end of the 60-day period beginning on the date 

25 the Administration makes a determination under 


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1 paragraph (2), the Administration shall issue a re2 port to the Congress containing recommendations 

3 made by the Administration, including any rec4 ommendations of Federal laws or regulations that 

5 should be repealed or amended, so that the Congress 

6 may repeal or amend any conflicting, inconsistent, 

7 duplicative, or outdated laws or regulations. 

8 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not9 withstanding any other provision of law, a court may 

10 not compel action or hold unlawful and set aside any 

11 action solely on the basis of compliance or non12 compliance with the requirements of this subsection. 

13 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

14 purposes of this subsection, the terms ‘regulation’ 

15 and ‘order’ shall have the meaning given those 

16 terms, respectively, by the Administration, and the 

17 term ‘other Federal regulations and orders’ shall 

18 mean regulations and orders of the Federal financial 

19 regulators (as defined under section 9(c)(6)(B) of 

20 the Federal Deposit Insurance Act), other than the 

21 Administration.’’. 

22 SEC. 7. SECURITIES AND EXCHANGE COMMISSION. 

23 Section 4 of the Securities Exchange Act of 1934 (15 

24 U.S.C. 78d) is amended by adding at the end the fol25 lowing: 


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1 ‘‘(j) REVIEW OF REGULATIONS.— 

2 ‘‘(1) IN GENERAL.—Before issuing a regulation 

3 or order the Commission shall assess other Federal 

4 regulations and orders to determine the interaction 

5 between the proposed regulation or order and other 

6 Federal regulations and orders. 

7 ‘‘(2) CONSIDERATIONS.—In making a deter8 mination of the interaction between the proposed 

9 regulation or order and other Federal regulations, 

10 the Commission shall evaluate the following: 

11 ‘‘(A) Whether the proposed regulation or 

12 order is in conflict with other Federal regula13 tions or orders. 

14 ‘‘(B) Whether the proposed regulation or 

15 order is inconsistent with other Federal regula16 tions or orders. 

17 ‘‘(C) Whether the proposed regulation or 

18 order is duplicative of other Federal regulations 

19 or orders. 

20 ‘‘(D) Whether other Federal regulations or 

21 orders are outdated. 

22 ‘‘(3) RESOLVING DUPLICATIVE OR INCON23 SISTENT REGULATIONS OR ORDERS.—The Commis24 sion shall take all available measures under current 

25 law to resolve any duplicative or inconsistent existing 


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1 regulation or order with any proposed regulation or 

2 order before issuing a final regulation or order. 

3 ‘‘(4) REPORT TO CONGRESS.—Not later than 

4 the end of the 60-day period beginning on the date 

5 the Commission makes a determination under para6 graph (2), the Commission shall issue a report to 

7 the Congress containing recommendations made by 

8 the Commission, including any recommendations of 

9 Federal laws or regulations that should be repealed 

10 or amended, so that the Congress may repeal or 

11 amend any conflicting, inconsistent, duplicative, or 

12 outdated laws or regulations. 

13 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not14 withstanding any other provision of law, a court may 

15 not compel action or hold unlawful and set aside any 

16 action solely on the basis of compliance or non17 compliance with the requirements of this subsection. 

18 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

19 purposes of this subsection, the terms ‘regulation’ 

20 and ‘order’ shall have the meaning given those 

21 terms, respectively, by the Commission, and the 

22 term ‘other Federal regulations and orders’ shall 

23 mean regulations and orders of the Federal financial 

24 regulators (as defined under section 9(c)(6)(B) of 


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1 the Federal Deposit Insurance Act), other than the 

2 Commission.’’. 

3 SEC. 8. COMMODITY FUTURES TRADING COMMISSION. 

4 Section 2(a) of the Commodity Exchange Act (7 

5 U.S.C. 2(a)) is amended by adding at the end the fol6 lowing: 

7 ‘‘(16) REVIEW OF REGULATIONS.— 

8 ‘‘(A) IN GENERAL.—Before issuing a regu9 lation or order the Commission shall assess 

10 other Federal regulations and orders to deter11 mine the interaction between the proposed regu12 lation or order and other Federal regulations 

13 and orders. 

14 ‘‘(B) CONSIDERATIONS.—In making a de15 termination of the interaction between the pro16 posed regulation or order and other Federal 

17 regulations, the Commission shall evaluate the 

18 following: 

19 ‘‘(i) Whether the proposed regulation 

20 or order is in conflict with other Federal 

21 regulations or orders. 

22 ‘‘(ii) Whether the proposed regulation 

23 or order is inconsistent with other Federal 

24 regulations or orders. 


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1 ‘‘(iii) Whether the proposed regulation 

2 or order is duplicative of other Federal 

3 regulations or orders. 

4 ‘‘(iv) Whether other Federal regula5 tions or orders are outdated. 

6 ‘‘(C) RESOLVING DUPLICATIVE OR INCON7 SISTENT REGULATIONS OR ORDERS.—The Com8 mission shall take all available measures under 

9 current law to resolve any duplicative or incon10 sistent existing regulation or order with any 

11 proposed regulation or order before issuing a 

12 final regulation or order. 

13 ‘‘(D) REPORT TO CONGRESS.—Not later 

14 than the end of the 60-day period beginning on 

15 the date the Commission makes a determination 

16 under subparagraph (B), the Commission shall 

17 issue a report to the Congress containing rec18 ommendations made by the Commission, includ19 ing any recommendations of Federal laws or 

20 regulations that should be repealed or amended, 

21 so that the Congress may repeal or amend any 

22 conflicting, inconsistent, duplicative, or out23 dated laws or regulations. 

24 ‘‘(E) LIMITATION ON JUDICIAL REVIEW.— 

25 Notwithstanding any other provision of law, a 


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1 court may not compel action or hold unlawful 

2 and set aside any action solely on the basis of 

3 compliance or noncompliance with the require4 ments of this paragraph. 

5 ‘‘(F) REGULATION AND ORDER DE6 FINED.—For purposes of this paragraph, the 

7 terms ‘regulation’ and ‘order’ shall have the 

8 meaning given those terms, respectively, by the 

9 Commission, and the term ‘other Federal regu10 lations and orders’ shall mean regulations and 

11 orders of the Federal financial regulators (as 

12 defined under section 9(c)(6)(B) of the Federal 

13 Deposit Insurance Act), other than the Com14 mission.’’. 

15 SEC. 9. TREATMENT OF JOINT RULEMAKINGS. 

16 In the case of a joint rulemaking with respect to 

17 which an assessment and determination is required pursu18 ant to an amendment made under sections 2 through 8 

19 of this Act, the agencies shall jointly make such assess20 ment and determination and shall submit a single report 

21 with respect to such determination. 

Æ 


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