IIB 

115TH CONGRESS 

2D SESSION H. R. 4607 

IN THE SENATE OF THE UNITED STATES 

MARCH 7, 2018 

Received; read twice and referred to the Committee on Banking, Housing, and 

Urban Affairs 

AN ACT 

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to identify outdated or otherwise unnecessary regulatory 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, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Comprehensive Regu3 latory Review Act’’. 

4 SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 

5 GROWTH AND REGULATORY PAPERWORK RE6 DUCTION ACT. 

7 Section 2001(c) of the Economic Growth and Regu8 latory Paperwork Reduction Act of 1996 (12 U.S.C. 252 

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

10 paragraphs: 

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

12 person’ has the meaning given such term in section 

13 1002 of the Consumer Financial Protection Act of 

14 2010 (12 U.S.C. 5481). 

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

16 term ‘Federal financial regulator’ means the Office 

17 of the Comptroller of the Currency, the Federal De18 posit Insurance Corporation, the Board of Governors 

19 of the Federal Reserve System, the Bureau of Con20 sumer Financial Protection, and the National Credit 

21 Union Administration Board.’’. 

22 SEC. 3. ENSURING A COMPREHENSIVE REGULATORY RE23 VIEW. 

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

25 the Economic Growth and Regulatory Paperwork Reduc26 tion Act of 1996 (12 U.S.C. 3311(a)) is amended— 


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

2 years’’; 

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

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

5 financial regulators shall each conduct a comprehen6 sive review’’; 

7 (3) by striking ‘‘such appropriate Federal bank8 ing agency’’ and inserting ‘‘such Federal financial 

9 regulator, jointly or otherwise,’’; and 

10 (4) by inserting ‘‘or covered persons’’ after ‘‘in11 sured depository institutions’’. 

12 (b) CONFORMING AMENDMENTS.—Such section is 

13 amended— 

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

15 striking ‘‘the appropriate Federal banking agency’’ 

16 each place that term appears and inserting ‘‘the ap17 propriate Federal financial regulator’’; and 

18 (2) in subsection (e)(1), by striking ‘‘the appro19 priate Federal banking agencies’’ and inserting ‘‘the 

20 appropriate Federal financial regulator’’. 

21 SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGU22 LATORY REVIEW. 

23 Section 2222 of the Economic Growth and Regu24 latory Paperwork Reduction Act of 1996 (12 U.S.C. 

25 3311), as amended by section 3, is further amended— 


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

2 and inserting ‘‘7 years’’; and 

3 (2) in subsection (d)— 

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

5 the end; 

6 (B) in paragraph (2), by striking the pe7 riod at the end and inserting ‘‘; and’’; and 

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

9 paragraph: 

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

11 persons in a manner that limits the regulatory com12 pliance impact, cost, liability risk, and other bur13 dens, unless otherwise determined by the Council or 

14 the appropriate Federal financial regulator.’’. 

15 SEC. 5. REVIEWS CONDUCTED BY THE BUREAU. 

16 Section 2222 of the Economic Growth and Regu17 latory Paperwork Reduction Act of 1996 (12 U.S.C. 

18 3311), as amended by section 4, is further amended by 

19 adding at the end the following new subsection: 

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

21 Bureau of Consumer Financial Protection shall— 

22 ‘‘(1) use any relevant information from an as23 sessment conducted under section 1022(d) of the 

24 Consumer Financial Protection Act of 2010 (12 


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

2 under subsection (a); and 

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

4 purposes and objectives described in subsections (a) 

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

6 5511).’’. 

7 SEC. 6. REDUCTION OF SURPLUS FUNDS OF FEDERAL RE8 SERVE BANKS. 

9 (a) IN GENERAL.—Section 7(a)(3)(A) of the Federal 

10 Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by 

11 striking ‘‘$7,500,000,000’’ and inserting 

12 ‘‘$7,495,714,285’’. 

13 (b) EFFECTIVE DATE.—Subsection (a) shall take ef14 fect on May 1, 2018. 

Passed the House of Representatives March 6, 

2018. 

Attest: KAREN L. HAAS, 

Clerk. 


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