I 

115TH CONGRESS 

1ST SESSION H. R. 4607 

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of 1996 to ensure that Federal financial regulators perform a comprehensive review of regulations to identify outdated or otherwise unnecessary 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

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to identify outdated or otherwise unnecessary regulatory 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. 

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’’. 


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1 SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 

2 GROWTH AND REGULATORY PAPERWORK RE3 DUCTION ACT. 

4 Section 2001(c) of the Economic Growth and Regu5 latory Paperwork Reduction Act of 1996 (12 U.S.C. 252 

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

7 paragraphs: 

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

9 person’ has the meaning given such term in section 

10 1002 of the Consumer Financial Protection Act of 

11 2010 (12 U.S.C. 5481). 

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

13 term ‘Federal financial regulator’ means the Office 

14 of the Comptroller of the Currency, the Federal De15 posit Insurance Corporation, the Board of Governors 

16 of the Federal Reserve System, the Bureau of Con17 sumer Financial Protection, and the National Credit 

18 Union Administration Board.’’. 

19 SEC. 3. ENSURING A COMPREHENSIVE REGULATORY RE20 VIEW. 

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

22 the Economic Growth and Regulatory Paperwork Reduc23 tion Act of 1996 (12 U.S.C. 3311(a)) is amended— 

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

25 years’’; 


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

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

3 financial regulators shall each conduct a comprehen4 sive review’’; 

5 (3) by striking ‘‘such appropriate Federal bank6 ing agency’’ and inserting ‘‘such Federal financial 

7 regulator, jointly or otherwise,’’; and 

8 (4) by inserting ‘‘or covered persons’’ after ‘‘in9 sured depository institutions’’. 

10 (b) CONFORMING AMENDMENTS.—Such section is 

11 amended— 

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

13 striking ‘‘the appropriate Federal banking agency’’ 

14 each place that term appears and inserting ‘‘the ap15 propriate Federal financial regulator’’; and 

16 (2) in subsection (e)(1), by striking ‘‘the appro17 priate Federal banking agencies’’ and inserting ‘‘the 

18 appropriate Federal financial regulator’’. 

19 SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGU20 LATORY REVIEW. 

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 3, is further amended— 

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

25 and inserting ‘‘7 years’’; and 


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1 (2) in subsection (d)— 

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

3 the end; 

4 (B) in paragraph (2), by striking the pe5 riod at the end and inserting ‘‘; and’’; and 

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

7 paragraph: 

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

9 persons in a manner that limits the regulatory com10 pliance impact, cost, liability risk, and other bur11 dens, unless otherwise determined by the Council or 

12 the appropriate Federal financial regulator.’’. 

13 SEC. 5. REVIEWS CONDUCTED BY THE BUREAU. 

14 Section 2222 of the Economic Growth and Regu15 latory Paperwork Reduction Act of 1996 (12 U.S.C. 

16 3311), as amended by section 4, is further amended by 

17 adding at the end the following new subsection: 

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

19 Bureau of Consumer Financial Protection shall— 

20 ‘‘(1) use any relevant information from an as21 sessment conducted under section 1022(d) of the 

22 Consumer Financial Protection Act of 2010 (12 

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

24 under subsection (a); and 


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

2 purposes and objectives described in subsections (a) 

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

4 5511).’’. 

Æ 


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