I 
117TH CONGRESS 
1ST SESSION H. R. 4232 
To require financial regulatory agencies to annually review guidance issued, 
and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 29, 2021 
Mr. MOONEY (for himself and Mr. LUETKEMEYER) introduced the following 
bill; which was referred to the Committee on Financial Services, and in 
addition to the Committee on Agriculture, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To require financial regulatory agencies to annually review 
guidance issued, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Financial Guidance 
Review Act of 2021’’. 
SEC. 2. ANNUAL REVIEW OF GUIDANCE. 
(a) OFFICE OF THE COMPTROLLER OF THE CUR-
RENCY.—Chapter 9 of title VII of the Revised Statutes 
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of the United States (12 U.S.C. 1 et seq.) is amended 
by inserting after section 333 the following new section: 
‘‘SEC. 333A. ANNUAL REVIEW OF GUIDANCE. 
‘‘(a) IN GENERAL.—The Comptroller of the Currency 
shall conduct an annual review of guidance issued by the 
Comptroller during the preceding calendar year to identify 
if any such guidance may reasonably be anticipated to 
have an annual economic effect greater than or equal to 
$100,000,000. Not later than 6 months after the comple-
tion of such review, the Comptroller shall— 
‘‘(1) submit to Congress a report including the 
results of the review; and 
‘‘(2) revoke any such guidance that may reason-
ably be anticipated to have an annual economic ef-
fect greater than or equal to $100,000,000; 
‘‘(3) publish on a publicly available website of 
the Comptroller a notice of any revocation made 
under paragraph (2). 
‘‘(b) FIRST REVIEW.—The first such review con-
ducted under this section shall include any guidance issued 
by the Comptroller in effect on the date such review is 
conducted. 
‘‘(c) GUIDANCE DEFINED.—The term ‘guidance’ 
means statement of general applicability issued by the 
Comptroller, intended to have a future effect on the behav-
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ior of regulated persons, that sets forth a policy on a stat-
utory, regulatory, or technical issue, or an interpretation 
of a statute or regulation, and does not include— 
‘‘(1) a rule, as defined in section 551 of title 5, 
United States Code, promulgated pursuant to notice 
and comment under section 553 such title; 
‘‘(2) a rule exempt from rulemaking require-
ments under subsection (a) or (b)(3)(B) of section 
553 of such title; 
‘‘(3) a rule of agency organization, procedure, 
or practice; 
‘‘(4) a decision of an agency adjudication under 
section 554 of such title or any similar statutory 
provision; or 
‘‘(5) internal guidance directed to the issuing 
agency or other agency that is not intended to have 
a substantial future effect on the behavior of regu-
lated persons.’’. 
(b) BOARD OF GOVERNORS OF THE FEDERAL RE-
SERVE SYSTEM.—Section 2B of the Federal Reserve Act 
(12 U.S.C. 225b) is amended by adding at the end the 
following new subsection: 
‘‘(d) ANNUAL REVIEW OF GUIDANCE.— 
‘‘(1) IN GENERAL.—The Board shall conduct 
an annual review of guidance issued by the Board 
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during the preceding calendar year to identify if any 
such guidance may reasonably be anticipated to have 
an annual economic effect greater than or equal to 
$100,000,000. Not later than 6 months after the 
completion of such review, the Board shall— 
‘‘(A) submit to Congress a report including 
the results of the review; 
‘‘(B) revoke any such guidance that may 
reasonably be anticipated to have an annual 
economic effect greater than or equal to 
$100,000,000; and 
‘‘(C) publish on a publicly available website 
of the Board a notice of any revocation made 
under subparagraph (B). 
‘‘(2) FIRST
REVIEW.—The first such review 
conducted under this subsection shall include any 
guidance issued by the Board in effect on the date 
such review is conducted. 
‘‘(3) GUIDANCE
DEFINED.—The term ‘guid-
ance’ means statement of general applicability issued 
by the Board, intended to have a future effect on the 
behavior of regulated persons, that sets forth a pol-
icy on a statutory, regulatory, or technical issue, or 
an interpretation of a statute or regulation, and does 
not include— 
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‘‘(A) a rule, as defined in section 551 of 
title 5, United States Code, promulgated pursu-
ant to notice and comment under section 553 
such title; 
‘‘(B) a rule exempt from rulemaking re-
quirements under subsection (a) or (b)(3)(B) of 
section 553 of such title; 
‘‘(C) a rule of agency organization, proce-
dure, or practice; 
‘‘(D) a decision of an agency adjudication 
under section 554 of such title or any similar 
statutory provision; or 
‘‘(E) internal guidance directed to the 
issuing agency or other agency that is not in-
tended to have a substantial future effect on 
the behavior of regulated persons.’’. 
(c) NATIONAL CREDIT UNION ADMINISTRATION.— 
Title I of the Federal Credit Union Act (12 U.S.C. 1752 
et seq.) is amended by adding at the end the following 
new section: 
‘‘SEC. 132. ANNUAL REVIEW OF GUIDANCE. 
‘‘(a) IN GENERAL.—The Board shall conduct an an-
nual review of guidance issued by the Board during the 
preceding calendar year to identify if any such guidance 
may reasonably be anticipated to have an annual economic 
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effect greater than or equal to $100,000,000. Not later 
than 6 months after the completion of such review, the 
Board shall— 
‘‘(1) submit to Congress a report including the 
results of the review; 
‘‘(2) revoke any such guidance that may reason-
ably be anticipated to have an annual economic ef-
fect greater than or equal to $100,000,000; and 
‘‘(3) publish on a publicly available website of 
the Board a notice of any revocation made under 
paragraph (2). 
‘‘(b) FIRST REVIEW.—The first such review con-
ducted under this section shall include any guidance issued 
by the Board in effect on the date such review is con-
ducted. 
‘‘(c) GUIDANCE DEFINED.—The term ‘guidance’ 
means statement of general applicability issued by the 
Board, intended to have a future effect on the behavior 
of regulated persons, that sets forth a policy on a statu-
tory, regulatory, or technical issue, or an interpretation 
of a statute or regulation, and does not include— 
‘‘(1) a rule, as defined in section 551 of title 5, 
United States Code, promulgated pursuant to notice 
and comment under section 553 such title; 
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‘‘(2) a rule exempt from rulemaking require-
ments under subsection (a) or (b)(3)(B) of section 
553 of such title; 
‘‘(3) a rule of agency organization, procedure, 
or practice; 
‘‘(4) a decision of an agency adjudication under 
section 554 of such title or any similar statutory 
provision; or 
‘‘(5) internal guidance directed to the issuing 
agency or other agency that is not intended to have 
a substantial future effect on the behavior of regu-
lated persons.’’. 
(d) FEDERAL DEPOSIT INSURANCE CORPORATION.— 
Section 17 of the Federal Deposit Insurance Act (12 
U.S.C. 1827) is amended by adding at the end the fol-
lowing new subsection: 
‘‘(h) ANNUAL REVIEW OF GUIDANCE.— 
‘‘(1) IN GENERAL.—The Corporation shall con-
duct an annual review of guidance issued by the 
Corporation during the preceding calendar year to 
identify if any such guidance may reasonably be an-
ticipated to have an annual economic effect greater 
than or equal to $100,000,000. Not later than 6 
months after the completion of such review, the Cor-
poration shall— 
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‘‘(A) submit to Congress a report including 
the results of the review; 
‘‘(B) revoke any such guidance that may 
reasonably be anticipated to have an annual 
economic effect greater than or equal to 
$100,000,000; and 
‘‘(C) publish on a publicly available website 
of the Corporation a notice of any revocation 
made under subparagraph (B). 
‘‘(2) FIRST
REVIEW.—The first such review 
conducted under this subsection shall include any 
guidance issued by the Corporation in effect on the 
date such review is conducted. 
‘‘(3) GUIDANCE
DEFINED.—The term ‘guid-
ance’ means statement of general applicability issued 
by the Corporation, intended to have a future effect 
on the behavior of regulated persons, that sets forth 
a policy on a statutory, regulatory, or technical 
issue, or an interpretation of a statute or regulation, 
and does not include— 
‘‘(A) a rule, as defined in section 551 of 
title 5, United States Code, promulgated pursu-
ant to notice and comment under section 553 
such title; 
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‘‘(B) a rule exempt from rulemaking re-
quirements under subsection (a) or (b)(3)(B) of 
section 553 of such title; 
‘‘(C) a rule of agency organization, proce-
dure, or practice; 
‘‘(D) a decision of an agency adjudication 
under section 554 of such title or any similar 
statutory provision; or 
‘‘(E) internal guidance directed to the 
issuing agency or other agency that is not in-
tended to have a substantial future effect on 
the behavior of regulated persons.’’. 
(e) BUREAU
OF CONSUMER FINANCIAL PROTEC-
TION.—Section 1022(b) of the Consumer Financial Pro-
tection Act of 2010 (12 U.S.C. 5512(b)) is amended by 
adding at the end the following new paragraph: 
‘‘(5) ANNUAL REVIEW OF GUIDANCE.— 
‘‘(A) IN GENERAL.—The Director of the 
Bureau shall conduct an annual review of guid-
ance issued by the Bureau during the preceding 
calendar year to identify if any such guidance 
may reasonably be anticipated to have an an-
nual economic effect greater than or equal to 
$100,000,000. Not later than 6 months after 
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