II 

113TH CONGRESS 

2D SESSION S. 2829 

To require certain financial regulators to determine whether new regulations 

or orders are duplicative or inconsistent with existing Federal regulations, 

and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

SEPTEMBER 16, 2014 

Mr. WICKER introduced the following bill; which was read twice and referred 

to the Committee on Banking, Housing, and Urban Affairs 

A BILL 

To require certain financial regulators to determine whether 

new regulations or orders are duplicative or inconsistent 

with existing Federal regulations, 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 ‘‘Financial Regulatory 

5 Clarity Act of 2014’’. 

6 SEC. 2. FEDERAL DEPOSIT INSURANCE CORPORATION. 

7 Section 9 of the Federal Deposit Insurance Act (12 

8 U.S.C. 1819) is amended by adding at the end the fol9 lowing: 


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1 ‘‘(c) REVIEW OF REGULATIONS.— 

2 ‘‘(1) IN GENERAL.—Before issuing a final regu3 lation or order the Corporation shall, as part of such 

4 regulation or order, assess other Federal regulations 

5 and orders to determine the interaction between the 

6 proposed regulation or order and other Federal reg7 ulations and orders. 

8 ‘‘(2) CONSIDERATIONS.—In making a deter9 mination of the interaction between the proposed 

10 regulation or order and other Federal regulations, 

11 the Corporation shall evaluate the following: 

12 ‘‘(A) Whether the proposed regulation or 

13 order is in conflict with other Federal regula14 tions or orders. 

15 ‘‘(B) Whether the proposed regulation or 

16 order is inconsistent with other Federal regula17 tions or orders. 

18 ‘‘(C) Whether the proposed regulation or 

19 order is duplicative of other Federal regulations 

20 or orders. 

21 ‘‘(D) Whether other Federal regulations or 

22 orders are outdated. 

23 ‘‘(3) RESOLVING DUPLICATIVE OR INCON24 SISTENT REGULATIONS OR ORDERS.—The Corpora25 tion shall use its bests efforts through all available 


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1 measures under current law to reconcile any duplica2 tive or inconsistent existing regulation or order of 

3 the Corporation with any proposed regulation or 

4 order before issuing a final regulation or order. 

5 ‘‘(4) REPORT TO CONGRESS.—Not later than 

6 the end of the 60-day period beginning on the date 

7 the Corporation makes a determination under para8 graph (2), the Corporation shall issue a report to 

9 the Congress containing recommendations made by 

10 the Corporation, including— 

11 ‘‘(A) any recommendations of Federal laws 

12 or regulations that should be repealed or 

13 amended; and 

14 ‘‘(B) any duplicative, inconsistent, or con15 flicting regulation or order of another Federal 

16 financial regulator (as defined under paragraph 

17 (6)(B)). 

18 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not19 withstanding any other provision of law, a court may 

20 not compel action or hold unlawful and set aside any 

21 action solely on the basis of compliance or non22 compliance with the requirements of this subsection. 

23 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

24 purposes of this subsection: 


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1 ‘‘(A) IN GENERAL.—The term ‘regulation’ 

2 shall have the meaning given the term ‘rule’ 

3 under section 551(4) of title 31, United States 

4 Code, the term ‘order’ shall have the meaning 

5 given such term by the Corporation, and the 

6 term ‘other Federal regulations and orders’ 

7 shall mean regulations and orders of the Fed8 eral financial regulators, other than the Cor9 poration. 

10 ‘‘(B) FEDERAL FINANCIAL REGU11 LATORS.—The term ‘Federal financial regu12 lators’ means the Board of Governors of the 

13 Federal Reserve System, the Bureau of Con14 sumer Financial Protection, the Commodity Fu15 tures Trading Commission, the Comptroller of 

16 the Currency, the Corporation, the National 

17 Credit Union Administration, and the Securities 

18 and Exchange Commission.’’. 

19 SEC. 3. OFFICE OF COMPTROLLER OF THE CURRENCY. 

20 Section 324 of the Revised Statutes of the United 

21 States (12 U.S.C. 1) is amended by adding at the end 

22 the following: 

23 ‘‘(c) REVIEW OF REGULATIONS.— 

24 ‘‘(1) IN GENERAL.—Before issuing a final regu25 lation or order the Comptroller of the Currency 


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1 shall, as part of such regulation or order, assess 

2 other Federal regulations and orders to determine 

3 the interaction between the proposed regulation or 

4 order and other Federal regulations and orders. 

5 ‘‘(2) CONSIDERATIONS.—In making a deter6 mination of the interaction between the proposed 

7 regulation or order and other Federal regulations, 

8 the Comptroller shall evaluate the following: 

9 ‘‘(A) Whether the proposed regulation or 

10 order is in conflict with other Federal regula11 tions or orders. 

12 ‘‘(B) Whether the proposed regulation or 

13 order is inconsistent with other Federal regula14 tions or orders. 

15 ‘‘(C) Whether the proposed regulation or 

16 order is duplicative of other Federal regulations 

17 or orders. 

18 ‘‘(D) Whether other Federal regulations or 

19 orders are outdated. 

20 ‘‘(3) RESOLVING DUPLICATIVE OR INCON21 SISTENT REGULATIONS OR ORDERS.—The Comp22 troller shall use its best efforts through all available 

23 measures under current law to reconcile any duplica24 tive or inconsistent existing regulation or order with 


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1 any proposed regulation or order before issuing a 

2 final regulation or order. 

3 ‘‘(4) REPORT TO CONGRESS.—Not later than 

4 the end of the 60-day period beginning on the date 

5 the Comptroller makes a determination under para6 graph (2), the Comptroller shall issue a report to the 

7 Congress containing recommendations made by the 

8 Comptroller, including— 

9 ‘‘(A) any recommendations of Federal laws 

10 or regulations that should be repealed or 

11 amended; and 

12 ‘‘(B) any duplicative, inconsistent, or con13 flicting regulation or order of another Federal 

14 financial regulator (as defined under section 

15 9(c)(6)(B) of the Federal Deposit Insurance 

16 Act). 

17 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not18 withstanding any other provision of law, a court may 

19 not compel action or hold unlawful and set aside any 

20 action solely on the basis of compliance or non21 compliance with the requirements of this subsection. 

22 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

23 purposes of this subsection, the term ‘regulation’ 

24 shall have the meaning given the term ‘rule’ under 

25 section 551(4) of title 31, United States Code, the 


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1 term ‘order’ shall have the meaning given such term 

2 by the Comptroller, and the term ‘other Federal reg3 ulations and orders’ shall mean regulations and or4 ders of the Federal financial regulators (as defined 

5 under section 9(c)(6)(B) of the Federal Deposit In6 surance Act), other than the Comptroller.’’. 

7 SEC. 4. BOARD OF GOVERNORS OF THE FEDERAL RESERVE 

8 SYSTEM. 

9 Section 10 of the Federal Reserve Act is amended 

10 by inserting before paragraph (12) the following: 

11 ‘‘(11) REVIEW OF REGULATIONS.— 

12 ‘‘(A) IN GENERAL.—Before issuing a final 

13 regulation or order the Board of Governors of 

14 the Federal Reserve System shall, as part of 

15 such regulation or order, assess other Federal 

16 regulations and orders to determine the inter17 action between the proposed regulation or order 

18 and other Federal regulations and orders. 

19 ‘‘(B) CONSIDERATIONS.—In making a de20 termination of the interaction between the pro21 posed regulation or order and other Federal 

22 regulations, the Board of Governors shall evalu23 ate the following: 


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1 ‘‘(i) Whether the proposed regulation 

2 or order is in conflict with other Federal 

3 regulations or orders. 

4 ‘‘(ii) Whether the proposed regulation 

5 or order is inconsistent with other Federal 

6 regulations or orders. 

7 ‘‘(iii) Whether the proposed regulation 

8 or order is duplicative of other Federal 

9 regulations or orders. 

10 ‘‘(iv) Whether other Federal regula11 tions or orders are outdated. 

12 ‘‘(C) RESOLVING DUPLICATIVE OR INCON13 SISTENT REGULATIONS OR ORDERS.—The 

14 Board of Governors shall use its best efforts 

15 through all available measures under current 

16 law to reconcile any duplicative or inconsistent 

17 existing regulation or order with any proposed 

18 regulation or order before issuing a final regu19 lation or order. 

20 ‘‘(D) REPORT TO CONGRESS.—Not later 

21 than the end of the 60-day period beginning on 

22 the date the Board of Governors makes a deter23 mination under subparagraph (B), the Board of 

24 Governors shall issue a report to the Congress 


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1 containing recommendations made by the 

2 Board of Governors, including— 

3 ‘‘(i) any recommendations of Federal 

4 laws or regulations that should be repealed 

5 or amended; and 

6 ‘‘(ii) any duplicative, inconsistent, or 

7 conflicting regulation or order of another 

8 Federal financial regulator (as defined 

9 under section 9(c)(6)(B) of the Federal 

10 Deposit Insurance Act). 

11 ‘‘(E) LIMITATION ON JUDICIAL REVIEW.— 

12 Notwithstanding any other provision of law, a 

13 court may not compel action or hold unlawful 

14 and set aside any action solely on the basis of 

15 compliance or noncompliance with the require16 ments of this paragraph. 

17 ‘‘(F) REGULATION AND ORDER DE18 FINED.—For purposes of this paragraph, the 

19 term ‘regulation’ shall have the meaning given 

20 the term ‘rule’ under section 551(4) of title 31, 

21 United States Code, the term ‘order’ shall have 

22 the meaning given such term by the Board of 

23 Governors, and the term ‘other Federal regula24 tions and orders’ shall mean regulations and or25 ders of the Federal financial regulators (as deVerDate Sep 11 2014 01:00 Sep 19, 2014 Jkt 039200 PO 00000 Frm 00009 Fmt 6652 Sfmt 6201 E:\BILLS\S2829.IS S2829

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1 fined under section 9(c)(6)(B) of the Federal 

2 Deposit Insurance Act), other than the Board 

3 of Governors.’’. 

4 SEC. 5. BUREAU OF CONSUMER FINANCIAL PROTECTION. 

5 Section 1022 of the Consumer Financial Protection 

6 Act of 2010 (12 U.S.C. 5512) is amended by adding at 

7 the end the following: 

8 ‘‘(e) REVIEW OF REGULATIONS.— 

9 ‘‘(1) IN GENERAL.—Before issuing a final regu10 lation or order the Bureau shall, as part of such reg11 ulation or order, assess other Federal regulations 

12 and orders to determine the interaction between the 

13 proposed regulation or order and other Federal reg14 ulations and orders. 

15 ‘‘(2) CONSIDERATIONS.—In making a deter16 mination of the interaction between the proposed 

17 regulation or order and other Federal regulations, 

18 the Bureau shall evaluate the following: 

19 ‘‘(A) Whether the proposed regulation or 

20 order is in conflict with other Federal regula21 tions or orders. 

22 ‘‘(B) Whether the proposed regulation or 

23 order is inconsistent with other Federal regula24 tions or orders. 


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1 ‘‘(C) Whether the proposed regulation or 

2 order is duplicative of other Federal regulations 

3 or orders. 

4 ‘‘(D) Whether other Federal regulations or 

5 orders are outdated. 

6 ‘‘(3) RESOLVING DUPLICATIVE OR INCON7 SISTENT REGULATIONS OR ORDERS.—The Bureau 

8 shall use its best efforts through all available meas9 ures under current law to reconcile any duplicative 

10 or inconsistent existing regulation or order with any 

11 proposed regulation or order before issuing a final 

12 regulation or order. 

13 ‘‘(4) REPORT TO CONGRESS.—Not later than 

14 the end of the 60-day period beginning on the date 

15 the Bureau makes a determination under paragraph 

16 (2), the Bureau shall issue a report to the Congress 

17 containing recommendations made by the Bureau, 

18 including— 

19 ‘‘(A) any recommendations of Federal laws 

20 or regulations that should be repealed or 

21 amended; and 

22 ‘‘(B) any duplicative, inconsistent, or con23 flicting regulation or order of another Federal 

24 financial regulator (as defined under section 


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1 9(c)(6)(B) of the Federal Deposit Insurance 

2 Act). 

3 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not4 withstanding any other provision of law, a court may 

5 not compel action or hold unlawful and set aside any 

6 action solely on the basis of compliance or non7 compliance with the requirements of this subsection. 

8 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

9 purposes of this subsection, the term ‘regulation’ 

10 shall have the meaning given the term ‘rule’ under 

11 section 551(4) of title 31, United States Code, the 

12 term ‘order’ shall have the meaning given such term 

13 by the Bureau, and the term ‘other Federal regula14 tions and orders’ shall mean regulations and orders 

15 of the Federal financial regulators (as defined under 

16 section 9(c)(6)(B) of the Federal Deposit Insurance 

17 Act), other than the Bureau.’’. 

18 SEC. 6. NATIONAL CREDIT UNION ADMINISTRATION. 

19 Section 102 of the Federal Credit Union Act (12 

20 U.S.C. 1752a) is amended by adding at the end the fol21 lowing: 

22 ‘‘(g) REVIEW OF REGULATIONS.— 

23 ‘‘(1) IN GENERAL.—Before issuing a final regu24 lation or order the Administration shall, as part of 

25 such regulation or order, assess other Federal reguVerDate Sep 11 2014 01:00 Sep 19, 2014 Jkt 039200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\S2829.IS S2829

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1 lations and orders to determine the interaction be2 tween the proposed regulation or order and other 

3 Federal regulations and orders. 

4 ‘‘(2) CONSIDERATIONS.—In making a deter5 mination of the interaction between the proposed 

6 regulation or order and other Federal regulations, 

7 the Administration shall evaluate the following: 

8 ‘‘(A) Whether the proposed regulation or 

9 order is in conflict with other Federal regula10 tions or orders. 

11 ‘‘(B) Whether the proposed regulation or 

12 order is inconsistent with other Federal regula13 tions or orders. 

14 ‘‘(C) Whether the proposed regulation or 

15 order is duplicative of other Federal regulations 

16 or orders. 

17 ‘‘(D) Whether other Federal regulations or 

18 orders are outdated. 

19 ‘‘(3) RESOLVING DUPLICATIVE OR INCON20 SISTENT REGULATIONS OR ORDERS.—The Adminis21 tration shall use its best efforts through all available 

22 measures under current law to reconcile any duplica23 tive or inconsistent existing regulation or order with 

24 any proposed regulation or order before issuing a 

25 final regulation or order. 


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1 ‘‘(4) REPORT TO CONGRESS.—Not later than 

2 the end of the 60-day period beginning on the date 

3 the Administration makes a determination under 

4 paragraph (2), the Administration shall issue a re5 port to the Congress containing recommendations 

6 made by the Administration, including— 

7 ‘‘(A) any recommendations of Federal laws 

8 or regulations that should be repealed or 

9 amended; and 

10 ‘‘(B) any duplicative, inconsistent, or con11 flicting regulation or order of another Federal 

12 financial regulator (as defined under section 

13 9(c)(6)(B) of the Federal Deposit Insurance 

14 Act). 

15 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not16 withstanding any other provision of law, a court may 

17 not compel action or hold unlawful and set aside any 

18 action solely on the basis of compliance or non19 compliance with the requirements of this subsection. 

20 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

21 purposes of this subsection, the term ‘regulation’ 

22 shall have the meaning given the term ‘rule’ under 

23 section 551(4) of title 31, United States Code, the 

24 term ‘order’ shall have the meaning given such term 

25 by the Administration, and the term ‘other Federal 


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1 regulations and orders’ shall mean regulations and 

2 orders of the Federal financial regulators (as defined 

3 under section 9(c)(6)(B) of the Federal Deposit In4 surance Act), other than the Administration.’’. 

5 SEC. 7. SECURITIES AND EXCHANGE COMMISSION. 

6 Section 4 of the Securities Exchange Act of 1934 (15 

7 U.S.C. 78d) is amended by adding at the end the fol8 lowing: 

9 ‘‘(j) REVIEW OF REGULATIONS.— 

10 ‘‘(1) IN GENERAL.—Before issuing a final regu11 lation or order the Commission shall, as part of such 

12 regulation or order, assess other Federal regulations 

13 and orders to determine the interaction between the 

14 proposed regulation or order and other Federal reg15 ulations and orders. 

16 ‘‘(2) CONSIDERATIONS.—In making a deter17 mination of the interaction between the proposed 

18 regulation or order and other Federal regulations, 

19 the Commission shall evaluate the following: 

20 ‘‘(A) Whether the proposed regulation or 

21 order is in conflict with other Federal regula22 tions or orders. 

23 ‘‘(B) Whether the proposed regulation or 

24 order is inconsistent with other Federal regula25 tions or orders. 


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1 ‘‘(C) Whether the proposed regulation or 

2 order is duplicative of other Federal regulations 

3 or orders. 

4 ‘‘(D) Whether other Federal regulations or 

5 orders are outdated. 

6 ‘‘(3) RESOLVING DUPLICATIVE OR INCON7 SISTENT REGULATIONS OR ORDERS.—The Commis8 sion shall use its best efforts through all available 

9 measures under current law to reconcile any duplica10 tive or inconsistent existing regulation or order with 

11 any proposed regulation or order before issuing a 

12 final regulation or order. 

13 ‘‘(4) REPORT TO CONGRESS.—Not later than 

14 the end of the 60-day period beginning on the date 

15 the Commission makes a determination under para16 graph (2), the Commission shall issue a report to 

17 the Congress containing recommendations made by 

18 the Commission, including— 

19 ‘‘(A) any recommendations of Federal laws 

20 or regulations that should be repealed or 

21 amended; and 

22 ‘‘(B) any duplicative, inconsistent, or con23 flicting regulation or order of another Federal 

24 financial regulator (as defined under section 


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1 9(c)(6)(B) of the Federal Deposit Insurance 

2 Act). 

3 ‘‘(5) LIMITATION ON JUDICIAL REVIEW.—Not4 withstanding any other provision of law, a court may 

5 not compel action or hold unlawful and set aside any 

6 action solely on the basis of compliance or non7 compliance with the requirements of this subsection. 

8 ‘‘(6) REGULATION AND ORDER DEFINED.—For 

9 purposes of this subsection, the term ‘regulation’ 

10 shall have the meaning given the term ‘rule’ under 

11 section 551(4) of title 31, United States Code, the 

12 term ‘order’ shall have the meaning given such term 

13 by the Commission, and the term ‘other Federal reg14 ulations and orders’ shall mean regulations and or15 ders of the Federal financial regulators (as defined 

16 under section 9(c)(6)(B) of the Federal Deposit In17 surance Act), other than the Commission.’’. 

18 SEC. 8. COMMODITY FUTURES TRADING COMMISSION. 

19 Section 2(a) of the Commodity Exchange Act (7 

20 U.S.C. 2(a)) is amended by adding at the end the fol21 lowing: 

22 ‘‘(16) REVIEW OF REGULATIONS.— 

23 ‘‘(A) IN GENERAL.—Before issuing a final 

24 regulation or order the Commission shall, as 

25 part of such regulation or order, assess other 


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1 Federal regulations and orders to determine the 

2 interaction between the proposed regulation or 

3 order and other Federal regulations and orders. 

4 ‘‘(B) CONSIDERATIONS.—In making a de5 termination of the interaction between the pro6 posed regulation or order and other Federal 

7 regulations, the Commission shall evaluate the 

8 following: 

9 ‘‘(i) Whether the proposed regulation 

10 or order is in conflict with other Federal 

11 regulations or orders. 

12 ‘‘(ii) Whether the proposed regulation 

13 or order is inconsistent with other Federal 

14 regulations or orders. 

15 ‘‘(iii) Whether the proposed regulation 

16 or order is duplicative of other Federal 

17 regulations or orders. 

18 ‘‘(iv) Whether other Federal regula19 tions or orders are outdated. 

20 ‘‘(C) RESOLVING DUPLICATIVE OR INCON21 SISTENT REGULATIONS OR ORDERS.—The Com22 mission shall use its best efforts through all 

23 available measures under current law to rec24 oncile any duplicative or inconsistent existing 

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1 tion or order before issuing a final regulation or 

2 order. 

3 ‘‘(D) REPORT TO CONGRESS.—Not later 

4 than the end of the 60-day period beginning on 

5 the date the Commission makes a determination 

6 under subparagraph (B), the Commission shall 

7 issue a report to the Congress containing rec8 ommendations made by the Commission, includ9 ing— 

10 ‘‘(i) any recommendations of Federal 

11 laws or regulations that should be repealed 

12 or amended; and 

13 ‘‘(ii) any duplicative, inconsistent, or 

14 conflicting regulation or order of another 

15 Federal financial regulator (as defined 

16 under section 9(c)(6)(B) of the Federal 

17 Deposit Insurance Act). 

18 ‘‘(E) LIMITATION ON JUDICIAL REVIEW.— 

19 Notwithstanding any other provision of law, a 

20 court may not compel action or hold unlawful 

21 and set aside any action solely on the basis of 

22 compliance or noncompliance with the require23 ments of this paragraph. 

24 ‘‘(F) REGULATION AND ORDER DE25 FINED.—For purposes of this paragraph, the 


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1 term ‘regulation’ shall have the meaning given 

2 the term ‘rule’ under section 551(4) of title 31, 

3 United States Code, the term ‘order’ shall have 

4 the meaning given such term by the Commis5 sion, and the term ‘other Federal regulations 

6 and orders’ shall mean regulations and orders 

7 of the Federal financial regulators (as defined 

8 under section 9(c)(6)(B) of the Federal Deposit 

9 Insurance Act), other than the Commission.’’. 

10 SEC. 9. TREATMENT OF JOINT RULEMAKINGS. 

11 In the case of a joint rulemaking with respect to 

12 which an assessment and determination is required pursu13 ant to an amendment made under sections 2 through 8 

14 of this Act, the agencies shall jointly make such assess15 ment and determination and shall submit a single report 

16 with respect to such determination. 

Æ 


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