II 

117TH CONGRESS 

2D SESSION S. 4522 

To enhance rulemaking requirements for the Bureau of Consumer Financial 

Protection, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 13, 2022 

Mr. KENNEDY (for himself, Ms. LUMMIS, Mr. SCOTT of South Carolina, and 

Mr. HAGERTY) introduced the following bill; which was read twice and 

referred to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To enhance rulemaking requirements for the Bureau of 

Consumer Financial Protection, 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 ‘‘Transparency in 

5 CFPB Cost-Benefit Analysis Act’’. 

6 SEC. 2. TRANSPARENCY IN COST-BENEFIT ANALYSIS. 

7 Section 1022(b) of the Consumer Financial Protec8 tion Act of 2010 (12 U.S.C. 5512(b)) is amended by add9 ing at the end the following: 


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1 ‘‘(5) ADDITIONAL RULEMAKING REQUIRE2 MENTS.— 

3 ‘‘(A) IN GENERAL.—Each notice of pro4 posed rulemaking issued by the Bureau shall be 

5 published in its entirety in the Federal Register 

6 and shall include— 

7 ‘‘(i) a statement of the need for the 

8 proposed regulation; 

9 ‘‘(ii) an examination of why the Bu10 reau must undertake the proposed regula11 tion and why the private market, State, 

12 local, or tribal authorities cannot ade13 quately address the problem; 

14 ‘‘(iii) an examination of whether the 

15 proposed regulation is duplicative, incon16 sistent, or incompatible with other Federal 

17 regulations and orders; 

18 ‘‘(iv) if the proposed regulation is 

19 found to be duplicative, inconsistent, or in20 compatible with other Federal regulations 

21 and orders, a discussion of— 

22 ‘‘(I) why the proposed regulation 

23 is justified; 


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1 ‘‘(II) how the proposed regulation 

2 can coexist with the existing regula3 tions; and 

4 ‘‘(III) how the Bureau plans to 

5 reduce the regulatory burden associ6 ated with the duplicative, inconsistent, 

7 or incompatible proposed regulation; 

8 ‘‘(v) a quantitative and qualitative as9 sessment of all anticipated direct and indi10 rect costs and benefits of the proposed reg11 ulation, including— 

12 ‘‘(I) compliance costs for all reg13 ulated entities, including small busi14 nesses; 

15 ‘‘(II) effects on economic activity, 

16 efficiency, competition and capital for17 mation; 

18 ‘‘(III) regulatory and administra19 tive costs of implementation; and 

20 ‘‘(IV) costs imposed on State, 

21 local and tribal entities; 

22 ‘‘(vi) an identification of reasonable 

23 alternatives to the regulation, including 

24 modification of an existing regulation; 


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1 ‘‘(vii) an analysis of the costs and 

2 benefits, both quantitative and qualitative, 

3 of any alternative identified pursuant to 

4 clause (v); 

5 ‘‘(viii) if the Bureau determines the 

6 proposed regulation would increase costs 

7 for small businesses, then the Bureau shall 

8 consult the Office of Advocacy within the 

9 Small Business Administration to deter10 mine ways to minimize the effect of direct 

11 and indirect costs imposed on small busi12 nesses by the proposed regulation; 

13 ‘‘(ix) if quantified net benefits of the 

14 proposed action do not outweigh the quan15 tified net benefits of the alternatives, a jus16 tification of the regulation; 

17 ‘‘(x) if quantified benefits identified 

18 pursuant to clause (iv) do not outweigh the 

19 quantified costs of the regulation, a jus20 tification of the regulation; 

21 ‘‘(xi) an assessment of how the bur22 den imposed by the regulation will be dis23 tributed; including whether consumers, or 

24 small businesses will be disproportionately 

25 burdened; and 


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1 ‘‘(xii) when feasible, and using appro2 priate statistical techniques, a probability 

3 distribution of the relevant outcomes of the 

4 proposed regulation. 

5 ‘‘(B) ASSUMPTIONS AND STUDIES USED.— 

6 With respect to the information required to be 

7 included under subparagraph (A), the Bureau 

8 will include— 

9 ‘‘(i) a discussion of underlying as10 sumptions used as a basis for such infor11 mation; and 

12 ‘‘(ii) a description of any studies or 

13 data used in preparing such information, 

14 and whether such studies were peer-re15 viewed.’’. 

Æ 


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