I 

118TH CONGRESS 

1ST SESSION H. R. 2489 

To amend the Consumer Financial Protection Act of 2010 to update the 

purpose of the Bureau of Consumer Financial Protection, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

APRIL 6, 2023 

Mr. EMMER (for himself, Mr. DONALDS, Mr. LUETKEMEYER, Mr. MEUSER, 

Mr. NORMAN, Mr. POSEY, and Mr. WILLIAMS of Texas) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL 

To amend the Consumer Financial Protection Act of 2010 

to update the purpose 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 Dual Mandate 

5 and Economic Analysis Act’’. 

6 SEC. 2. PURPOSE. 

7 Section 1021(a) of the Consumer Financial Protec8 tion Act of 2010 (12 U.S.C. 5511(a)) is amended— 


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1 (1) by striking ‘‘fair, transparent, and competi2 tive’’ and inserting: ‘‘fair and transparent’’; and 

3 (2) by adding at the end the following: ‘‘In ad4 dition, the Bureau shall seek to implement and, 

5 where applicable, enforce Federal consumer financial 

6 law consistently for the purpose of strengthening 

7 private sector participation in markets, without Gov8 ernment interference or subsidies, to increase com9 petition and enhance consumer choice.’’. 

10 SEC. 3. OFFICE OF ECONOMIC ANALYSIS. 

11 (a) IN GENERAL.—Section 1013 of the Consumer Fi12 nancial Protection Act of 2010 (12 U.S.C. 5493) is 

13 amended by adding at the end the following: 

14 ‘‘(i) OFFICE OF ECONOMIC ANALYSIS.— 

15 ‘‘(1) ESTABLISHMENT.—The Director shall es16 tablish an Office of Economic Analysis. 

17 ‘‘(2) REVIEW AND ASSESSMENT OF PROPOSED

18 GUIDANCE, ORDERS, RULES AND REGULATIONS.— 

19 The Office of Economic Analysis shall— 

20 ‘‘(A) review all proposed guidance, orders, 

21 rules and regulations of the Bureau; 

22 ‘‘(B) assess the impact of such guidance, 

23 orders, rules and regulations on consumer 

24 choice, price, and access to credit products; and 


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1 ‘‘(C) publish a report on such reviews and 

2 assessments in the Federal Register. 

3 ‘‘(3) MEASURING EXISTING RULES, REGULA4 TIONS, GUIDANCE, AND ORDERS.—The Office of 

5 Economic Analysis shall— 

6 ‘‘(A) review each rule, regulation, guid7 ance, and order issued by the Bureau after 1, 

8 2, 5, and 10 years; 

9 ‘‘(B) measure the rule, regulation, guid10 ance, or order’s success in solving the problem 

11 that the rule, regulation, guidance, or order was 

12 intended to solve when issued; and 

13 ‘‘(C) publish a report on such review and 

14 measurement in the Federal Register.’’. 

15 (b) CONSIDERATION OF REVIEW AND ASSESSMENT; 

16 RULEMAKING REQUIREMENTS.—Section 1022(b) of the 

17 Consumer Financial Protection Act of 2010 (12 U.S.C. 

18 5512(b)) is amended by adding at the end the following: 

19 ‘‘(5) CONSIDERATION OF REVIEW AND ASSESS20 MENT BY THE OFFICE OF ECONOMIC ANALYSIS.— 

21 ‘‘(A) IN GENERAL.—Before issuing any 

22 guidance, order, rule, or regulation, the Direc23 tor shall consider the review and assessment of 

24 such guidance, order, rule, or regulation carried 

25 out by the Office of Economic Analysis. 


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1 ‘‘(B) NOTICE OF DISAGREEMENT.—If the 

2 Director disagrees with any part of a review 

3 and assessment described under subparagraph 

4 (A) with respect to any guidance, order, rule, or 

5 regulation, the Director shall accompany any 

6 such guidance, order, rule, or regulation with a 

7 statement explaining why the Director so dis8 agrees. 

9 ‘‘(6) IDENTIFICATION OF PROBLEMS AND

10 METRICS FOR JUDGING SUCCESS.— 

11 ‘‘(A) IN GENERAL.—The Director shall, in 

12 each proposed rulemaking of the Bureau— 

13 ‘‘(i) identify the problem that the par14 ticular rule or regulations is seeking to 

15 solve; and 

16 ‘‘(ii) specify the metrics by which the 

17 Bureau will measure the success of the 

18 rule or regulation in solving such problem. 

19 ‘‘(B) REQUIRED METRICS.—The metrics 

20 specified under subparagraph (A)(ii) shall in21 clude a measurement of changes to consumer 

22 access to, and cost of, consumer financial prod23 ucts and services.’’. 

Æ 


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