I 

118TH CONGRESS 

1ST SESSION H. R. 1313 

To enhance rulemaking requirements for the Bureau of Consumer Financial 

Protection, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 1, 2023 

Mr. MOONEY (for himself, Mr. POSEY, Mr. FLOOD, Mr. DAVIDSON, Mr. 

EMMER, Mr. SESSIONS, Mr. ROSE, Mr. OGLES, Mr. NUNN of Iowa, Mrs. 

KIM of California, Mr. STEIL, Mr. WILLIAMS of Texas, Mr. FITZGERALD, 

Mr. HUIZENGA, Mr. LOUDERMILK, Mr. LUETKEMEYER, Mr. KUSTOFF, 

Mrs. HOUCHIN, Mr. BARR, and Mr. NORMAN) introduced the following 

bill; which was referred to the Committee on Financial Services 

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’’. 


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

2 Section 1022(b) of the Consumer Financial Protec3 tion Act of 2010 (12 U.S.C. 5512(b)) is amended by add4 ing at the end the following: 

5 ‘‘(5) ADDITIONAL RULEMAKING REQUIRE6 MENTS.— 

7 ‘‘(A) IN GENERAL.—Each notice of pro8 posed rulemaking issued by the Bureau shall be 

9 published in its entirety in the Federal Register 

10 and shall include— 

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

12 proposed regulation; 

13 ‘‘(ii) an examination of why the Bu14 reau must undertake the proposed regula15 tion and why the private market, State, 

16 local, or tribal authorities cannot ade17 quately address the problem; 

18 ‘‘(iii) an examination of whether the 

19 proposed regulation is duplicative, incon20 sistent, or incompatible with other Federal 

21 regulations and orders; 

22 ‘‘(iv) if the proposed regulation is 

23 found to be duplicative, inconsistent, or in24 compatible with other Federal regulations 

25 and orders, a discussion of— 


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1 ‘‘(I) why the proposed regulation 

2 is justified; 

3 ‘‘(II) how the proposed regulation 

4 can coexist with the existing regula5 tions; and 

6 ‘‘(III) how the Bureau plans to 

7 reduce the regulatory burden associ8 ated with the duplicative, inconsistent, 

9 or incompatible proposed regulation; 

10 ‘‘(v) a quantitative and qualitative as11 sessment of all anticipated direct and indi12 rect costs and benefits of the proposed reg13 ulation, including— 

14 ‘‘(I) compliance costs for all reg15 ulated entities, including small busi16 nesses; 

17 ‘‘(II) effects on economic activity, 

18 efficiency, competition and capital for19 mation; 

20 ‘‘(III) regulatory and administra21 tive costs of implementation; and 

22 ‘‘(IV) costs imposed on State, 

23 local and tribal entities; 


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1 ‘‘(vi) an identification of reasonable 

2 alternatives to the regulation, including 

3 modification of an existing regulation; 

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

5 benefits, both quantitative and qualitative, 

6 of any alternative identified pursuant to 

7 clause (v); 

8 ‘‘(viii) if the Bureau determines the 

9 proposed regulation would increase costs 

10 for small businesses, then the Bureau shall 

11 consult the Office of Advocacy within the 

12 Small Business Administration to deter13 mine ways to minimize the effect of direct 

14 and indirect costs imposed on small busi15 nesses by the proposed regulation; 

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

17 proposed action do not outweigh the quan18 tified net benefits of the alternatives, a jus19 tification of the regulation; 

20 ‘‘(x) if quantified benefits identified 

21 pursuant to clause (iv) do not outweigh the 

22 quantified costs of the regulation, a jus23 tification of the regulation; 

24 ‘‘(xi) an assessment of how the bur25 den imposed by the regulation will be disVerDate Sep 11 2014 00:03 Mar 17, 2023 Jkt 039200 PO 00000 Frm 00004 Fmt 6652 Sfmt 6201 E:\BILLS\H1313.IH H1313

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1 tributed; including whether consumers, or 

2 small businesses will be disproportionately 

3 burdened; and 

4 ‘‘(xii) when feasible, and using appro5 priate statistical techniques, a probability 

6 distribution of the relevant outcomes of the 

7 proposed regulation. 

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

9 With respect to the information required to be 

10 included under subparagraph (A), the Bureau 

11 will include— 

12 ‘‘(i) a discussion of underlying as13 sumptions used as a basis for such infor14 mation; and 

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

16 data used in preparing such information, 

17 and whether such studies were peer-re18 viewed.’’. 

Æ 


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