tion meets the regulatory objectives more effec-
tively than the alternatives; and 
‘‘(D) ensure that any regulation is acces-
sible, consistent, written in plain language, and 
easy to understand and shall measure, and seek 
to improve, the actual results of regulatory re-
quirements. 
‘‘(2) CONSIDERATIONS AND ACTIONS.— 
‘‘(A) REQUIRED
ACTIONS.—In deciding 
whether and how to regulate, the Council shall 
assess the costs and benefits of available regu-
latory alternatives, including the alternative of 
not regulating, and choose the approach that 
maximizes net benefits. Specifically, the Council 
shall— 
‘‘(i) evaluate whether, consistent with 
obtaining regulatory objectives, the regula-
tion is tailored to impose the least burden 
on society, including market participants, 
individuals, businesses of differing sizes, 
and other entities (including State and 
local governmental entities), taking into ac-
count, to the extent practicable, the cumu-
lative costs of regulations; and 
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‘‘(ii) evaluate whether the regulation 
is inconsistent, incompatible, or duplicative 
of other Federal regulations. 
‘‘(B) ADDITIONAL
CONSIDERATIONS.—In 
addition, in making a reasoned determination of 
the costs and benefits of a potential regulation, 
the Council shall, to the extent that each is rel-
evant to the particular proposed regulation, 
take into consideration the impact of the regu-
lation on— 
‘‘(i) investor choice; 
‘‘(ii) market liquidity in the securities 
markets; 
‘‘(iii) small businesses; 
‘‘(iv) economic growth; 
‘‘(v) cost and access to capital; 
‘‘(vi) market stability; 
‘‘(vii) global competitiveness; 
‘‘(viii) job creation; 
‘‘(ix) rate of inflation; and 
‘‘(x) employment levels. 
‘‘(3) EXPLANATION
AND
COMMENTS.—The 
Council shall explain in its final rule the nature of 
comments that it received, including those from the 
industry or consumer groups concerning the poten-
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tial costs or benefits of the proposed rule or pro-
posed rule change, and shall provide a response to 
those comments in its final rule, including an expla-
nation of any changes that were made in response 
to those comments and the reasons that the Council 
did not incorporate those industry group concerns 
related to the potential costs or benefits in the final 
rule. 
‘‘(4) POST-ADOPTION IMPACT ASSESSMENT.— 
‘‘(A) IN GENERAL.—Whenever the Council 
adopts or amends a regulation designated as a 
‘major rule’ within the meaning of section 
804(2) of title 5, United States Code, it shall 
state, in its adopting release, the following: 
‘‘(i) The purposes and intended con-
sequences of the regulation. 
‘‘(ii) Appropriate post-implementation 
quantitative and qualitative metrics to 
measure the economic impact of the regu-
lation and to measure the extent to which 
the regulation has accomplished the stated 
purposes. 
‘‘(iii) The assessment plan that will be 
used, consistent with the requirements of 
subparagraph (B), to assess whether the 
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regulation has achieved the stated pur-
poses. 
‘‘(iv) Any reasonably foreseeable indi-
rect effects that may result from the regu-
lation. 
‘‘(B) REQUIREMENTS
OF
ASSESSMENT 
PLAN AND REPORT.— 
‘‘(i) REQUIREMENTS OF PLAN.—The 
assessment plan required under this para-
graph shall consider the costs, benefits, 
and intended and unintended consequences 
of the regulation. The plan shall specify 
the data to be collected, the methods for 
collection and analysis of the data and a 
date for completion of the assessment. The 
assessment plan shall include an analysis 
of any jobs added or lost as a result of the 
regulation, differentiating between public 
and private sector jobs. 
‘‘(ii) SUBMISSION
AND
PUBLICATION 
OF REPORT.—The Council shall, not later 
than 2 years after the publication of the 
adopting release, cause the assessment re-
port to be published in the Federal Reg-
ister for notice and comment. If the Coun-
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cil determines, at least 90 days before such 
date, that an extension is necessary, the 
Council shall public a notice of such exten-
sion in the Federal Register, along with 
the specific reasons why the extension is 
necessary. Any material modification of the 
plan, as necessary to assess unforeseen as-
pects or consequences of the regulation, 
shall be promptly published in the Federal 
Register for notice and comment. 
‘‘(iii) DATA
COLLECTION
NOT
SUB-
JECT TO NOTICE AND COMMENT REQUIRE-
MENTS.—If the Council has published its 
assessment plan for notice and comment, 
specifying the data to be collected and 
method of collection, at least 30 days prior 
to adoption of a final regulation or amend-
ment, such collection of data shall not be 
subject to the notice and comment require-
ments in section 3506(c) of title 44, 
United States Code (commonly referred to 
as the Paperwork Reduction Act). Any ma-
terial modifications of the plan that require 
collection of data not previously published 
for notice and comment shall also be ex-
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empt from such requirements if the Coun-
cil has published notice for comment in the 
Federal Register of the additional data to 
be collected, at least 30 days prior to initi-
ation of data collection. 
‘‘(iv) FINAL ACTION.—Not later than 
180 days after publication of the assess-
ment report in the Federal Register, the 
Council shall issue for notice and comment 
a proposal to amend or rescind the regula-
tion, or publish a notice that the Council 
has determined that no action will be taken 
on the regulation. Such a notice will be 
deemed a final agency action. 
‘‘(5) COVERED REGULATIONS AND OTHER AC-
TIONS.—Solely as used in this subsection, the term 
‘regulation’— 
‘‘(A) means a statement of general applica-
bility and future effect that is designed to im-
plement, interpret, or prescribe law or policy or 
to describe the procedure or practice require-
ments of the Council, including rules, orders of 
general applicability, interpretive releases, and 
other statements of general applicability that 
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the Council intends to have the force and effect 
of law; and 
‘‘(B) does not include— 
‘‘(i) a regulation issued in accordance 
with the formal rulemaking provisions of 
section 556 or 557 of title 5, United States 
Code; 
‘‘(ii) a regulation that is limited to the 
organization, management, or personnel 
matters of the Council; 
‘‘(iii) a regulation promulgated pursu-
ant to statutory authority that expressly 
prohibits compliance with this provision; 
and 
‘‘(iv) a regulation that is certified by 
the Council to be an emergency action, if 
such certification is published in the Fed-
eral Register.’’. 
(b) ETHICS STANDARDS.—Section 111 of the Finan-
cial Stability Act of 2010 (12 U.S.C. 5321), as amended 
by subsection (a), is further amended by adding at the 
end the following: 
‘‘(l) ETHICS STANDARDS.— 
‘‘(1) PROHIBITED AND RESTRICTED FINANCIAL 
INTERESTS AND TRANSACTIONS.—The members and 
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employees of the Council shall be subject to the pro-
visions under section 4401.102 of title 5, Code of 
Federal Regulations, to the same extent as such pro-
visions apply to an employee of the Securities and 
Exchange Commission. 
‘‘(2) TREATMENT
OF
BROKERAGE
ACCOUNTS 
AND AVAILABILITY OF ACCOUNT STATEMENTS.—The 
members and employees of the Council shall— 
‘‘(A) disclose all brokerage accounts that 
they maintain, as well as those in which they 
control trading or have a financial interest (in-
cluding managed accounts, trust accounts, in-
vestment club accounts, and the accounts of 
spouses or minor children who live with the 
member or employee); and 
‘‘(B) with respect to any securities account 
that the member or employee is required to dis-
close to the Council, authorize their brokers and 
dealers to send duplicate account statements di-
rectly to Council. 
‘‘(3) PROHIBITIONS RELATED TO OUTSIDE EM-
PLOYMENT AND ACTIVITIES.—The members and em-
ployees of the Council shall be subject to the prohibi-
tions related to outside employment and activities 
described under section 4401.103(c) of title 5, Code 
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of Federal Regulations, to the same extent as such 
prohibitions apply to an employee of the Securities 
and Exchange Commission. 
‘‘(4) ADDITIONAL
ETHICS
STANDARDS.—The 
members and employees of the Council shall be sub-
ject to— 
‘‘(A) the employee responsibilities and con-
duct regulations of the Office of Personnel 
Management under part 735 of title 5, Code of 
Federal Regulations; 
‘‘(B) the canons of ethics contained in sub-
part C of part 200 of title 17, Code of Federal 
Regulations, to the same extent as such subpart 
applies to the employees of the Securities and 
Exchange Commission; and 
‘‘(C) the regulations concerning the con-
duct of members and employees and former 
members and employees contained in subpart M 
of part 200 of title 17, Code of Federal Regula-
tions, to the same extent as such subpart ap-
plies to the employees of the Securities and Ex-
change Commission. 
‘‘(m) ADDITIONAL EMPLOYEES REQUIRED TO MAKE 
A PUBLIC FINANCIAL DISCLOSURE.—For purposes of the 
financial disclosure requirements under part 2634 of title 
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5, Code of Federal Regulations, an employee of the Coun-
cil shall be deemed a public filer if the employee is an 
attorney, accountant, examiner, auditor, investigator, or 
deals with information technology security. 
‘‘(n) DISCLOSURE OF STAFF SALARIES AND FINAN-
CIAL INFORMATION.—The Council shall make publicly 
available, on the website of the Council, a searchable data-
base that contains the names of all Members and employ-
ees of the Council, and— 
‘‘(1) the yearly salary information for such indi-
viduals, along with any non-salary compensation re-
ceived by such individuals; and 
‘‘(2) any financial disclosures required to be 
made by such individuals.’’. 
Æ 
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