IB 

Union Calendar No. 433 

115TH CONGRESS 

2D SESSION H. R. 4607 

[Report No. 115–573] 

To amend the Economic Growth and Regulatory Paperwork Reduction Act 

of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary 

regulatory requirements imposed on covered persons, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 11, 2017 

Mr. LOUDERMILK (for himself, Mr. GOTTHEIMER, and Mr. DUFFY) introduced the following bill; which was referred to the Committee on Financial Services 

FEBRUARY 23, 2018 

Additional sponsors: Mr. WILLIAMS, Mr. TIPTON, Ms. SINEMA, Ms. TENNEY, 

Mr. STIVERS, Mr. PITTENGER, and Mr. ROSS

FEBRUARY 23, 2018 

Committed to the Committee of the Whole House on the State of the Union 

and ordered to be printed 


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•HR 4607 RH

A BILL 

To amend the Economic Growth and Regulatory Paperwork 

Reduction Act of 1996 to ensure that Federal financial 

regulators perform a comprehensive review of regulations 

to identify outdated or otherwise unnecessary regulatory 

requirements imposed on covered persons, and for other 

purposes. 


rfrederick on DSKBCBPHB2PROD with BILLS
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•HR 4607 RH

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 ‘‘Comprehensive Regu5 latory Review Act’’. 

6 SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 

7 GROWTH AND REGULATORY PAPERWORK RE8 DUCTION ACT. 

9 Section 2001(c) of the Economic Growth and Regu10 latory Paperwork Reduction Act of 1996 (12 U.S.C. 252 

11 note) is amended by adding at the end the following new 

12 paragraphs: 

13 ‘‘(8) COVERED PERSON.—The term ‘covered 

14 person’ has the meaning given such term in section 

15 1002 of the Consumer Financial Protection Act of 

16 2010 (12 U.S.C. 5481). 

17 ‘‘(9) FEDERAL FINANCIAL REGULATOR.—The 

18 term ‘Federal financial regulator’ means the Office 

19 of the Comptroller of the Currency, the Federal De20 posit Insurance Corporation, the Board of Governors 

21 of the Federal Reserve System, the Bureau of Con22 sumer Financial Protection, and the National Credit 

23 Union Administration Board.’’. 


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1 SEC. 3. ENSURING A COMPREHENSIVE REGULATORY RE2 VIEW. 

3 (a) IN GENERAL.—Subsection (a) of section 2222 of 

4 the Economic Growth and Regulatory Paperwork Reduc5 tion Act of 1996 (12 U.S.C. 3311(a)) is amended— 

6 (1) by striking ‘‘10 years’’ and inserting ‘‘7 

7 years’’; 

8 (2) by striking ‘‘each appropriate’’ and all that 

9 follows through ‘‘review’’ and inserting ‘‘the Federal 

10 financial regulators shall each conduct a comprehen11 sive review’’; 

12 (3) by striking ‘‘such appropriate Federal bank13 ing agency’’ and inserting ‘‘such Federal financial 

14 regulator, jointly or otherwise,’’; and 

15 (4) by inserting ‘‘or covered persons’’ after ‘‘in16 sured depository institutions’’. 

17 (b) CONFORMING AMENDMENTS.—Such section is 

18 amended— 

19 (1) in subsections (b), (c), (d), and (e), by 

20 striking ‘‘the appropriate Federal banking agency’’ 

21 each place that term appears and inserting ‘‘the ap22 propriate Federal financial regulator’’; and 

23 (2) in subsection (e)(1), by striking ‘‘the appro24 priate Federal banking agencies’’ and inserting ‘‘the 

25 appropriate Federal financial regulator’’. 


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•HR 4607 RH

1 SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGU2 LATORY REVIEW. 

3 Section 2222 of the Economic Growth and Regu4 latory Paperwork Reduction Act of 1996 (12 U.S.C. 

5 3311), as amended by section 3, is further amended— 

6 (1) in subsection (c), by striking ‘‘10 years’’ 

7 and inserting ‘‘7 years’’; and 

8 (2) in subsection (d)— 

9 (A) in paragraph (1), by striking ‘‘and’’ at 

10 the end; 

11 (B) in paragraph (2), by striking the pe12 riod at the end and inserting ‘‘; and’’; and 

13 (C) by adding at the end the following new 

14 paragraph: 

15 ‘‘(3) tailor other regulations related to covered 

16 persons in a manner that limits the regulatory com17 pliance impact, cost, liability risk, and other bur18 dens, unless otherwise determined by the Council or 

19 the appropriate Federal financial regulator.’’. 

20 SEC. 5. REVIEWS CONDUCTED BY THE BUREAU. 

21 Section 2222 of the Economic Growth and Regu22 latory Paperwork Reduction Act of 1996 (12 U.S.C. 

23 3311), as amended by section 4, is further amended by 

24 adding at the end the following new subsection: 

25 ‘‘(f) REVIEWS CONDUCTED BY THE BUREAU.—The 

26 Bureau of Consumer Financial Protection shall— 


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•HR 4607 RH

1 ‘‘(1) use any relevant information from an as2 sessment conducted under section 1022(d) of the 

3 Consumer Financial Protection Act of 2010 (12 

4 U.S.C. 5512(d)) in conducting the review required 

5 under subsection (a); and 

6 ‘‘(2) conduct such review in accordance with the 

7 purposes and objectives described in subsections (a) 

8 and (b) of section 1021 of such Act (12 U.S.C. 

9 5511).’’. 


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Union Calendar No. 433 

115TH CONGRESS 

2D SESSION H. R. 4607 

[Report No. 115–573] 

A BILL 

To amend the Economic Growth and Regulatory 

other purposes. quirements imposed on covered persons, and for dated or otherwise unnecessary regulatory reprehensive review of regulations to identify outFederal financial regulators perform a comPaperwork Reduction Act of 1996 to ensure that 

FEBRUARY 23, 2018 

Committed to the Committee of the Whole House on the 

State of the Union and ordered to be printed 


rfrederick on DSKBCBPHB2PROD with BILLS