I 

114TH CONGRESS 

2D SESSION H. R. 5527 

To amend the Consumer Financial Protection Act of 2010 to require congressional review of rulemaking of the Bureau of Consumer Financial Protection, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

JUNE 16, 2016 

Mr. WILLIAMS introduced the following bill; which was referred to the Committee on Financial Services, and in addition to the Committees on Rules 

and the Budget, for a period to be subsequently determined by the 

Speaker, in each case for consideration of such provisions as fall within 

the jurisdiction of the committee concerned 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to require congressional review of rulemaking of 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 ‘‘CFPB Rule Account5 ability Act of 2016’’. 


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1 SEC. 2. CONGRESSIONAL REVIEW OF RULEMAKING OF THE 

2 BUREAU OF CONSUMER FINANCIAL PROTEC3 TION. 

4 (a) IN GENERAL.—The Consumer Financial Protec5 tion Act of 2010 (12 U.S.C. 5481 et seq.) is amended by 

6 adding at the end the following: 

7 ‘‘Subtitle I—Congressional Review 

8 of Bureau Rulemaking 

9 ‘‘SEC. 1100I. CONGRESSIONAL REVIEW. 

10 ‘‘(a)(1)(A) Before a rule may take effect, the Bureau 

11 shall publish in the Federal Register a list of information 

12 on which the rule is based, including data, scientific and 

13 economic studies, and cost-benefit analyses, and identify 

14 how the public can access such information online, and 

15 shall submit to each House of the Congress and to the 

16 Comptroller General a report containing— 

17 ‘‘(i) a copy of the rule; 

18 ‘‘(ii) a concise general statement relating to the 

19 rule; 

20 ‘‘(iii) a classification of the rule as a major or 

21 nonmajor rule, including an explanation of the clas22 sification specifically addressing each criteria for a 

23 major rule contained within subparagraphs (A) 

24 through (C) of section 1100L(2); 

25 ‘‘(iv) a list of any other related regulatory ac26 tions intended to implement the same statutory proVerDate Sep 11 2014 04:00 Jun 21, 2016 Jkt 059200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6201 E:\BILLS\H5527.IH H5527

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1 vision or regulatory objective as well as the indi2 vidual and aggregate economic effects of those ac3 tions; and 

4 ‘‘(v) the proposed effective date of the rule. 

5 ‘‘(B) On the date of the submission of the report 

6 under subparagraph (A), the Bureau shall submit to the 

7 Comptroller General and make available to each House of 

8 Congress— 

9 ‘‘(i) a complete copy of the cost-benefit analysis 

10 of the rule, if any, including an analysis of any jobs 

11 added or lost, differentiating between public and pri12 vate sector jobs; 

13 ‘‘(ii) the Bureau’s actions pursuant to sections 

14 603, 604, 605, 607, and 609 of title 5, United 

15 States Code; 

16 ‘‘(iii) the Bureau’s actions pursuant to sections 

17 202, 203, 204, and 205 of the Unfunded Mandates 

18 Reform Act of 1995; and 

19 ‘‘(iv) any other relevant information or require20 ments under any other Act and any relevant Execu21 tive orders. 

22 ‘‘(C) Upon receipt of a report submitted under sub23 paragraph (A), each House shall provide copies of the re24 port to the chairman and ranking member of each stand25 ing committee with jurisdiction under the rules of the 


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1 House of Representatives or the Senate to report a bill 

2 to amend the provision of law under which the rule is 

3 issued. 

4 ‘‘(2)(A) The Comptroller General shall provide a re5 port on each major rule to the committees of jurisdiction 

6 by the end of 15 calendar days after the submission or 

7 publication date. The report of the Comptroller General 

8 shall include an assessment of the Bureau’s compliance 

9 with procedural steps required by paragraph (1)(B) and 

10 an assessment of whether the major rule imposes any new 

11 limits or mandates on private-sector activity. 

12 ‘‘(B) Federal agencies shall cooperate with the Comp13 troller General by providing information relevant to the 

14 Comptroller General’s report under subparagraph (A). 

15 ‘‘(3) A major rule relating to a report submitted 

16 under paragraph (1) shall take effect upon enactment of 

17 a joint resolution of approval described in section 1100J 

18 or as provided for in the rule following enactment of a 

19 joint resolution of approval described in section 1100J, 

20 whichever is later. 

21 ‘‘(4) A nonmajor rule shall take effect as provided 

22 by section 1100K after submission to Congress under 

23 paragraph (1). 

24 ‘‘(5) If a joint resolution of approval relating to a 

25 major rule is not enacted within the period provided in 


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1 subsection (b)(2), then a joint resolution of approval relat2 ing to the same rule may not be considered under this 

3 subtitle in the same Congress by either the House of Rep4 resentatives or the Senate. 

5 ‘‘(b)(1) A major rule shall not take effect unless the 

6 Congress enacts a joint resolution of approval described 

7 under section 1100J. 

8 ‘‘(2) If a joint resolution described in subsection (a) 

9 is not enacted into law by the end of 70 session days or 

10 legislative days, as applicable, beginning on the date on 

11 which the report referred to in subsection (a)(1)(A) is re12 ceived by Congress (excluding days either House of Con13 gress is adjourned for more than 3 days during a session 

14 of Congress), then the rule described in that resolution 

15 shall be deemed not to be approved and such rule shall 

16 not take effect. 

17 ‘‘(c)(1) Notwithstanding any other provision of this 

18 section (except subject to paragraph (3)), a major rule 

19 may take effect for one 90-calendar-day period if the 

20 President makes a determination under paragraph (2) and 

21 submits written notice of such determination to the Con22 gress. 

23 ‘‘(2) Paragraph (1) applies to a determination made 

24 by the President by Executive order that the major rule 

25 should take effect because such rule is— 


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1 ‘‘(A) necessary because of an imminent threat 

2 to health or safety or other emergency; 

3 ‘‘(B) necessary for the enforcement of criminal 

4 laws; 

5 ‘‘(C) necessary for national security; or 

6 ‘‘(D) issued pursuant to any statute imple7 menting an international trade agreement. 

8 ‘‘(3) An exercise by the President of the authority 

9 under this subsection shall have no effect on the proce10 dures under section 1100J. 

11 ‘‘(d)(1) In addition to the opportunity for review oth12 erwise provided under this subtitle, in the case of any rule 

13 for which a report was submitted in accordance with sub14 section (a)(1)(A) during the period beginning on the date 

15 occurring— 

16 ‘‘(A) in the case of the Senate, 60 session days; 

17 or 

18 ‘‘(B) in the case of the House of Representa19 tives, 60 legislative days, 

20 before the date the Congress is scheduled to adjourn a 

21 session of Congress through the date on which the same 

22 or succeeding Congress first convenes its next session, sec23 tions 1100J and 1100K shall apply to such rule in the 

24 succeeding session of Congress. 


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1 ‘‘(2)(A) In applying sections 1100J and 1100K for 

2 purposes of such additional review, a rule described under 

3 paragraph (1) shall be treated as though— 

4 ‘‘(i) such rule were published in the Federal 

5 Register on— 

6 ‘‘(I) in the case of the Senate, the 15th 

7 session day; or 

8 ‘‘(II) in the case of the House of Rep9 resentatives, the 15th legislative day, 

10 after the succeeding session of Congress first con11 venes; and 

12 ‘‘(ii) a report on such rule were submitted to 

13 Congress under subsection (a)(1) on such date. 

14 ‘‘(B) Nothing in this paragraph shall be construed 

15 to affect the requirement under subsection (a)(1) that a 

16 report shall be submitted to Congress before a rule can 

17 take effect. 

18 ‘‘(3) A rule described under paragraph (1) shall take 

19 effect as otherwise provided by law (including other sub20 sections of this section). 

21 ‘‘SEC. 1100J. CONGRESSIONAL APPROVAL PROCEDURE FOR 

22 MAJOR RULES. 

23 ‘‘(a)(1) For purposes of this section, the term ‘joint 

24 resolution’ means only a joint resolution addressing a reVerDate Sep 11 2014 04:00 Jun 21, 2016 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H5527.IH H5527

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1 port classifying a rule as major pursuant to section 

2 1100I(a)(1)(A)(iii) that— 

3 ‘‘(A) bears no preamble; 

4 ‘‘(B) bears the following title (with blanks filled 

5 as appropriate): ‘Approving the rule submitted by 

6 lll relating to lll.’; 

7 ‘‘(C) includes after its resolving clause only the 

8 following (with blanks filled as appropriate): ‘That 

9 Congress approves the rule submitted by lll re10 lating to lll.’; and 

11 ‘‘(D) is introduced pursuant to paragraph (2). 

12 ‘‘(2) After a House of Congress receives a report 

13 classifying a rule as major pursuant to section 

14 1100I(a)(1)(A)(iii), the majority leader of that House (or 

15 his or her respective designee) shall introduce (by request, 

16 if appropriate) a joint resolution described in paragraph 

17 (1)— 

18 ‘‘(A) in the case of the House of Representa19 tives, within 3 legislative days; and 

20 ‘‘(B) in the case of the Senate, within 3 session 

21 days. 

22 ‘‘(3) A joint resolution described in paragraph (1) 

23 shall not be subject to amendment at any stage of pro24 ceeding. 


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1 ‘‘(b) A joint resolution described in subsection (a) 

2 shall be referred in each House of Congress to the commit3 tees having jurisdiction over the provision of law under 

4 which the rule is issued. 

5 ‘‘(c) In the Senate, if the committee or committees 

6 to which a joint resolution described in subsection (a) has 

7 been referred have not reported it at the end of 15 session 

8 days after its introduction, such committee or committees 

9 shall be automatically discharged from further consider10 ation of the resolution and it shall be placed on the cal11 endar. A vote on final passage of the resolution shall be 

12 taken on or before the close of the 15th session day after 

13 the resolution is reported by the committee or committees 

14 to which it was referred, or after such committee or com15 mittees have been discharged from further consideration 

16 of the resolution. 

17 ‘‘(d)(1) In the Senate, when the committee or com18 mittees to which a joint resolution is referred have re19 ported, or when a committee or committees are discharged 

20 (under subsection (c)) from further consideration of a 

21 joint resolution described in subsection (a), it is at any 

22 time thereafter in order (even though a previous motion 

23 to the same effect has been disagreed to) for a motion 

24 to proceed to the consideration of the joint resolution, and 

25 all points of order against the joint resolution (and against 


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1 consideration of the joint resolution) are waived. The mo2 tion is not subject to amendment, or to a motion to post3 pone, or to a motion to proceed to the consideration of 

4 other business. A motion to reconsider the vote by which 

5 the motion is agreed to or disagreed to shall not be in 

6 order. If a motion to proceed to the consideration of the 

7 joint resolution is agreed to, the joint resolution shall re8 main the unfinished business of the Senate until disposed 

9 of. 

10 ‘‘(2) In the Senate, debate on the joint resolution, 

11 and on all debatable motions and appeals in connection 

12 therewith, shall be limited to not more than 2 hours, which 

13 shall be divided equally between those favoring and those 

14 opposing the joint resolution. A motion to further limit 

15 debate is in order and not debatable. An amendment to, 

16 or a motion to postpone, or a motion to proceed to the 

17 consideration of other business, or a motion to recommit 

18 the joint resolution is not in order. 

19 ‘‘(3) In the Senate, immediately following the conclu20 sion of the debate on a joint resolution described in sub21 section (a), and a single quorum call at the conclusion of 

22 the debate if requested in accordance with the rules of the 

23 Senate, the vote on final passage of the joint resolution 

24 shall occur. 


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1 ‘‘(4) Appeals from the decisions of the Chair relating 

2 to the application of the rules of the Senate to the proce3 dure relating to a joint resolution described in subsection 

4 (a) shall be decided without debate. 

5 ‘‘(e) In the House of Representatives, if any com6 mittee to which a joint resolution described in subsection 

7 (a) has been referred has not reported it to the House 

8 at the end of 15 legislative days after its introduction, 

9 such committee shall be discharged from further consider10 ation of the joint resolution, and it shall be placed on the 

11 appropriate calendar. On the second and fourth Thursdays 

12 of each month it shall be in order at any time for the 

13 Speaker to recognize a Member who favors passage of a 

14 joint resolution that has appeared on the calendar for at 

15 least 5 legislative days to call up that joint resolution for 

16 immediate consideration in the House without intervention 

17 of any point of order. When so called up a joint resolution 

18 shall be considered as read and shall be debatable for 1 

19 hour equally divided and controlled by the proponent and 

20 an opponent, and the previous question shall be considered 

21 as ordered to its passage without intervening motion. It 

22 shall not be in order to reconsider the vote on passage. 

23 If a vote on final passage of the joint resolution has not 

24 been taken by the third Thursday on which the Speaker 


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1 may recognize a Member under this subsection, such vote 

2 shall be taken on that day. 

3 ‘‘(f)(1) If, before passing a joint resolution described 

4 in subsection (a), one House receives from the other a 

5 joint resolution having the same text, then— 

6 ‘‘(A) the joint resolution of the other House 

7 shall not be referred to a committee; and 

8 ‘‘(B) the procedure in the receiving House shall 

9 be the same as if no joint resolution had been re10 ceived from the other House until the vote on pas11 sage, when the joint resolution received from the 

12 other House shall supplant the joint resolution of 

13 the receiving House. 

14 ‘‘(2) This subsection shall not apply to the House of 

15 Representatives if the joint resolution received from the 

16 Senate is a revenue measure. 

17 ‘‘(g) If either House has not taken a vote on final 

18 passage of the joint resolution by the last day of the period 

19 described in section 1100I(b)(2), then such vote shall be 

20 taken on that day. 

21 ‘‘(h) This section and section 1100K are enacted by 

22 Congress— 

23 ‘‘(1) as an exercise of the rulemaking power of 

24 the Senate and House of Representatives, respec25 tively, and as such is deemed to be part of the rules 


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1 of each House, respectively, but applicable only with 

2 respect to the procedure to be followed in that 

3 House in the case of a joint resolution described in 

4 subsection (a) and superseding other rules only 

5 where explicitly so; and 

6 ‘‘(2) with full recognition of the constitutional 

7 right of either House to change the rules (so far as 

8 they relate to the procedure of that House) at any 

9 time, in the same manner and to the same extent as 

10 in the case of any other rule of that House. 

11 ‘‘SEC. 1100K. CONGRESSIONAL DISAPPROVAL PROCEDURE 

12 FOR NONMAJOR RULES. 

13 ‘‘(a) For purposes of this section, the term ‘joint res14 olution’ means only a joint resolution introduced in the 

15 period beginning on the date on which the report referred 

16 to in section 1100I(a)(1)(A) is received by Congress and 

17 ending 60 days thereafter (excluding days either House 

18 of Congress is adjourned for more than 3 days during a 

19 session of Congress), the matter after the resolving clause 

20 of which is as follows: ‘That Congress disapproves the 

21 nonmajor rule submitted by the lll relating to 

22 lll, and such rule shall have no force or effect.’ (The 

23 blank spaces being appropriately filled in). 


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1 ‘‘(b) A joint resolution described in subsection (a) 

2 shall be referred to the committees in each House of Con3 gress with jurisdiction. 

4 ‘‘(c) In the Senate, if the committee to which is re5 ferred a joint resolution described in subsection (a) has 

6 not reported such joint resolution (or an identical joint 

7 resolution) at the end of 15 session days after the date 

8 of introduction of the joint resolution, such committee may 

9 be discharged from further consideration of such joint res10 olution upon a petition supported in writing by 30 Mem11 bers of the Senate, and such joint resolution shall be 

12 placed on the calendar. 

13 ‘‘(d)(1) In the Senate, when the committee to which 

14 a joint resolution is referred has reported, or when a com15 mittee is discharged (under subsection (c)) from further 

16 consideration of a joint resolution described in subsection 

17 (a), it is at any time thereafter in order (even though a 

18 previous motion to the same effect has been disagreed to) 

19 for a motion to proceed to the consideration of the joint 

20 resolution, and all points of order against the joint resolu21 tion (and against consideration of the joint resolution) are 

22 waived. The motion is not subject to amendment, or to 

23 a motion to postpone, or to a motion to proceed to the 

24 consideration of other business. A motion to reconsider the 

25 vote by which the motion is agreed to or disagreed to shall 


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1 not be in order. If a motion to proceed to the consideration 

2 of the joint resolution is agreed to, the joint resolution 

3 shall remain the unfinished business of the Senate until 

4 disposed of. 

5 ‘‘(2) In the Senate, debate on the joint resolution, 

6 and on all debatable motions and appeals in connection 

7 therewith, shall be limited to not more than 10 hours, 

8 which shall be divided equally between those favoring and 

9 those opposing the joint resolution. A motion to further 

10 limit debate is in order and not debatable. An amendment 

11 to, or a motion to postpone, or a motion to proceed to 

12 the consideration of other business, or a motion to recom13 mit the joint resolution is not in order. 

14 ‘‘(3) In the Senate, immediately following the conclu15 sion of the debate on a joint resolution described in sub16 section (a), and a single quorum call at the conclusion of 

17 the debate if requested in accordance with the rules of the 

18 Senate, the vote on final passage of the joint resolution 

19 shall occur. 

20 ‘‘(4) Appeals from the decisions of the Chair relating 

21 to the application of the rules of the Senate to the proce22 dure relating to a joint resolution described in subsection 

23 (a) shall be decided without debate. 


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1 ‘‘(e) In the Senate, the procedure specified in sub2 section (c) or (d) shall not apply to the consideration of 

3 a joint resolution respecting a nonmajor rule— 

4 ‘‘(1) after the expiration of the 60 session days 

5 beginning with the applicable submission or publica6 tion date; or 

7 ‘‘(2) if the report under section 1100I(a)(1)(A) 

8 was submitted during the period referred to in sec9 tion 1100I(d)(1), after the expiration of the 60 ses10 sion days beginning on the 15th session day after 

11 the succeeding session of Congress first convenes. 

12 ‘‘(f) If, before the passage by one House of a joint 

13 resolution of that House described in subsection (a), that 

14 House receives from the other House a joint resolution 

15 described in subsection (a), then the following procedures 

16 shall apply: 

17 ‘‘(1) The joint resolution of the other House 

18 shall not be referred to a committee. 

19 ‘‘(2) With respect to a joint resolution described 

20 in subsection (a) of the House receiving the joint 

21 resolution— 

22 ‘‘(A) the procedure in that House shall be 

23 the same as if no joint resolution had been re24 ceived from the other House; but 


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1 ‘‘(B) the vote on final passage shall be on 

2 the joint resolution of the other House. 

3 ‘‘SEC. 1100L. DEFINITIONS. 

4 ‘‘For purposes of this subtitle: 

5 ‘‘(1) The term ‘Bureau’ means the Bureau of 

6 Consumer Financial Protection. 

7 ‘‘(2) The term ‘major rule’ means any rule, in8 cluding an interim final rule, that the Administrator 

9 of the Office of Information and Regulatory Affairs 

10 of the Office of Management and Budget finds has 

11 resulted in or is likely to result in— 

12 ‘‘(A) an annual effect on the economy of 

13 $100 million or more; 

14 ‘‘(B) a major increase in costs or prices for 

15 consumers, individual industries, Federal, 

16 State, or local government agencies, or geo17 graphic regions; or 

18 ‘‘(C) significant adverse effects on competi19 tion, employment, investment, productivity, in20 novation, or on the ability of United States21 based enterprises to compete with foreign-based 

22 enterprises in domestic and export markets. 

23 ‘‘(3) The term ‘nonmajor rule’ means any rule 

24 that is not a major rule. 


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1 ‘‘(4) The term ‘rule’ has the meaning given 

2 such term in section 551 of title 5, United States 

3 Code, except that such term does not include— 

4 ‘‘(A) any rule of particular applicability, 

5 including a rule that approves or prescribes for 

6 the future rates, wages, prices, services, or al7 lowances therefore, corporate or financial struc8 tures, reorganizations, mergers, or acquisitions 

9 thereof, or accounting practices or disclosures 

10 bearing on any of the foregoing; 

11 ‘‘(B) any rule relating to agency manage12 ment or personnel; or 

13 ‘‘(C) any rule of agency organization, pro14 cedure, or practice that does not substantially 

15 affect the rights or obligations of non-agency 

16 parties. 

17 ‘‘(5) The term ‘submission date or publication 

18 date’, except as otherwise provided in this subtitle, 

19 means— 

20 ‘‘(A) in the case of a major rule, the date 

21 on which the Congress receives the report sub22 mitted under section 1100I(a)(1); and 

23 ‘‘(B) in the case of a nonmajor rule, the 

24 later of— 


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1 ‘‘(i) the date on which the Congress 

2 receives the report submitted under section 

3 1100I(a)(1); and 

4 ‘‘(ii) the date on which the nonmajor 

5 rule is published in the Federal Register, if 

6 so published. 

7 ‘‘SEC. 1100M. JUDICIAL REVIEW. 

8 ‘‘(a) No determination, finding, action, or omission 

9 under this subtitle shall be subject to judicial review. 

10 ‘‘(b) Notwithstanding subsection (a), a court may de11 termine whether a Federal agency has completed the nec12 essary requirements under this subtitle for a rule to take 

13 effect. 

14 ‘‘(c) The enactment of a joint resolution of approval 

15 under section 1100J shall not be interpreted to serve as 

16 a grant or modification of statutory authority by Congress 

17 for the promulgation of a rule, shall not extinguish or af18 fect any claim, whether substantive or procedural, against 

19 any alleged defect in a rule, and shall not form part of 

20 the record before the court in any judicial proceeding con21 cerning a rule except for purposes of determining whether 

22 or not the rule is in effect. 

23 ‘‘SEC. 1100N. EFFECTIVE DATE OF CERTAIN RULES. 

24 ‘‘Notwithstanding section 1100I— 


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1 ‘‘(1) any rule that establishes, modifies, opens, 

2 closes, or conducts a regulatory program for a com3 mercial, recreational, or subsistence activity related 

4 to hunting, fishing, or camping; or 

5 ‘‘(2) any rule other than a major rule which the 

6 Bureau for good cause finds (and incorporates the 

7 finding and a brief statement of reasons therefore in 

8 the rule issued) that notice and public procedure 

9 thereon are impracticable, unnecessary, or contrary 

10 to the public interest, 

11 shall take effect at such time as the Bureau promulgating 

12 the rule determines.’’. 

13 (b) TABLE OF CONTENTS AMENDMENT.—The table 

14 of contents in section 1 of the Dodd-Frank Wall Street 

15 Reform and Consumer Protection Act (12 U.S.C. 5301 

16 et seq.) is amended by inserting after the item relating 

17 to section 1100H the following: 

‘‘Subtitle I—Congressional Review of Bureau Rulemaking 

‘‘Sec. 1100I. Congressional review. 

‘‘Sec. 1100J. Congressional approval procedure for major rules. 

‘‘Sec. 1100K. Congressional disapproval procedure for nonmajor rules. 

‘‘Sec. 1100L. Definitions. 

‘‘Sec. 1100M. Judicial review. 

‘‘Sec. 1100N. Effective date of certain rules.’’. 

18 (c) BUDGETARY EFFECTS OF RULES SUBJECT TO

19 SECTION 1100J OF THE CONSUMER FINANCIAL PROTEC20 TION ACT OF 2010.—Section 257(b)(2) of the Balanced 

21 Budget and Emergency Deficit Control Act of 1985 is 


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1 amended by adding at the end the following new subpara2 graph: 

3 ‘‘(E) BUDGETARY EFFECTS OF RULES

4 SUBJECT TO SECTION 1100J OF THE CONSUMER

5 FINANCIAL PROTECTION ACT OF 2010.—Any 

6 rules subject to the congressional approval pro7 cedure set forth in section 1100J of the Con8 sumer Financial Protection Act of 2010 affect9 ing budget authority, outlays, or receipts shall 

10 be assumed to be effective unless it is not ap11 proved in accordance with such section.’’. 

Æ 


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