397 
‘‘(i) more than $10,000,000,000 in 
total consolidated assets; and 
‘‘(ii) total trading assets and trading 
liabilities, as reported on the most recent 
applicable regulatory filing filed by the in-
stitution, that are more than 5 percent of 
total consolidated assets.’’. 
Subtitle S—Financial Institution 
Living Will Improvement Act 
SEC. 929. LIVING WILL REFORMS. 
(a) IN GENERAL.—Section 165(d) of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5365(d)) is amended— 
(1) in paragraph (1), by striking ‘‘periodically’’ 
and inserting ‘‘every 2 years’’; and 
(2) in paragraph (3)— 
(A) by striking ‘‘The Board’’ and inserting 
the following: 
‘‘(A) IN GENERAL.—The Board’’; 
(B) by striking ‘‘shall review’’ and insert-
ing the following: ‘‘shall— 
‘‘(i) review’’; 
(C) by striking the period and inserting ‘‘; 
and’’; and 
(D) by adding at the end the following:
398 
‘‘(ii) not later than the end of the 6- 
month period beginning on the date the 
company submits the resolution plan, pro-
vide feedback to the company on such 
plan. 
‘‘(B) 
DISCLOSURE
OF
ASSESSMENT 
FRAMEWORK.—The Board of Governors and 
the Corporation shall publicly disclose the as-
sessment framework that is used to review in-
formation under this paragraph.’’. 
(b) TREATMENT OF OTHER RESOLUTION PLAN RE-
QUIREMENTS.— 
(1) IN GENERAL.—With respect to an appro-
priate Federal banking agency that requires a bank-
ing organization to submit to the agency a resolution 
plan not described under section 165(d) of the 
Dodd-Frank Wall Street Reform and Consumer Pro-
tection Act— 
(A) the respective agency shall ensure that 
the review of such resolution plan is consistent 
with the requirements contained in the amend-
ments made by this subtitle; 
(B) the agency may not require the sub-
mission of such a resolution plan more often 
than every 2 years; and
399 
(C) paragraphs (6) and (7) of such section 
165(d) shall apply to such a resolution plan. 
(2) DEFINITIONS.—For purposes of this sub-
section: 
(A) 
APPROPRIATE
FEDERAL
BANKING 
AGENCY.—The 
term 
‘‘appropriate 
Federal 
banking agency’’— 
(i) has the meaning given such term 
under section 3 of the Federal Deposit In-
surance Act; and 
(ii) means the National Credit Union 
Administration, in the case of an insured 
credit union. 
(B) BANKING ORGANIZATION.—The term 
‘‘banking organization’’ means— 
(i) an insured depository institution; 
(ii) an insured credit union; 
(iii) a depository institution holding 
company; 
(iv) a company that is treated as a 
bank holding company for purposes of sec-
tion 8 of the International Banking Act; 
and 
(v) a U.S. intermediate holding com-
pany established by a foreign banking or-
400 
ganization pursuant to section 252.153 of 
title 12, Code of Federal Regulations. 
(C) INSURED CREDIT UNION.—The term 
‘‘insured credit union’’ has the meaning given 
that term under section 101 of the Federal 
Credit Union Act. 
(D) OTHER BANKING TERMS.—The terms 
‘‘depository institution holding company’’ and 
‘‘insured depository institution’’ have the mean-
ing given those terms, respectively, under sec-
tion 3 of the Federal Deposit Insurance Act. 
(c) RULE OF CONSTRUCTION.—Nothing in this sub-
title, or any amendment made by this subtitle, shall be 
construed as limiting the authority of an appropriate Fed-
eral banking agency (as defined under subsection (b)(2)) 
to obtain information from an institution in connection 
with such agency’s authority to examine or require reports 
from the institution.
401 
Subtitle T—Financial Institutions 
Examination Fairness and Re-
form Act 
SEC. 930. AMENDMENT TO DEFINITION OF FINANCIAL IN-
STITUTION. 
Section 1003(3) of the Federal Financial Institutions 
Examination Council Act of 1978 (12 U.S.C. 3302(3)) is 
amended to read as follows: 
‘‘(3) the term ‘financial institution’— 
‘‘(A) means a commercial bank, a savings 
bank, a trust company, a savings association, a 
building and loan association, a homestead as-
sociation, a cooperative bank, or a credit union; 
and 
‘‘(B) for purposes of sections 1012, 1013, 
and 1014, includes a nondepository covered per-
son subject to supervision by the Bureau of 
Consumer Financial Protection under section 
1024 of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5514).’’. 
SEC. 931. TIMELINESS OF EXAMINATION REPORTS. 
The Federal Financial Institutions Examination 
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended 
by adding at the end the following:
405 
of the Senate, and the Council, on the reviews car-
ried out pursuant to paragraphs (3) and (4), includ-
ing compliance with the requirements set forth in 
section 1012 regarding timeliness of examination re-
ports, and the Council’s recommendations for im-
provements in examination procedures, practices, 
and policies. 
‘‘(f) STANDARD FOR REVIEWING EXAMINATION PRO-
CEDURES.—In conducting reviews pursuant to subsection 
(e)(4), the Director shall prioritize factors relating to the 
safety and soundness of the financial system of the United 
States. 
‘‘(g) REMOVAL.—If the Director is removed from of-
fice, the Council shall communicate in writing the reasons 
for any such removal to the Committee on Financial Serv-
ices of the House of Representatives and the Committee 
on Banking, Housing, and Urban Affairs of the Senate 
not later than 30 days before the removal. 
‘‘(h) CONFIDENTIALITY.—The Director shall keep 
confidential all meetings with, discussions with, and infor-
mation provided by financial institutions.’’. 
SEC. 933. RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
SUPERVISORY DETERMINATIONS. 
The Federal Financial Institutions Examination 
Council Act of 1978 (12 U.S.C. 3301 et seq.), as amended
406 
by section 932, is further amended by adding at the end 
the following: 
‘‘SEC. 1014. RIGHT TO INDEPENDENT REVIEW OF MATERIAL 
SUPERVISORY DETERMINATIONS. 
‘‘(a) IN GENERAL.—A financial institution shall have 
the right to obtain an independent review of a material 
supervisory determination contained in a final report of 
examination. 
‘‘(b) NOTICE.— 
‘‘(1) TIMING.—A financial institution seeking 
review of a material supervisory determination under 
this section shall file a written notice with the Inde-
pendent Examination Review Director (the ‘Direc-
tor’) within 60 days after receiving the final report 
of examination that is the subject of such review. 
‘‘(2) IDENTIFICATION
OF
DETERMINATION.— 
The written notice shall identify the material super-
visory determination that is the subject of the inde-
pendent examination review, and a statement of the 
reasons why the institution believes that the deter-
mination is incorrect or should otherwise be modi-
fied. 
‘‘(3) INFORMATION TO BE PROVIDED TO INSTI-
TUTION.—Any information relied upon by the agen-
cy in the final report that is not in the possession
407 
of the financial institution may be requested by the 
financial institution and shall be delivered promptly 
by the agency to the financial institution. 
‘‘(c) RIGHT TO HEARING.— 
‘‘(1) IN GENERAL.—The Director shall deter-
mine the merits of the appeal on the record or, at 
the financial institution’s election, shall refer the ap-
peal to an Administrative Law Judge to conduct a 
confidential hearing pursuant to the procedures set 
forth under sections 556 and 557 of title 5, United 
States Code, which hearing shall take place not later 
than 60 days after the petition for review was re-
ceived by the Director, and to issue a proposed deci-
sion to the Director based upon the record estab-
lished at such hearing. 
‘‘(2) STANDARD OF REVIEW.—In rendering a 
determination or recommendation under this sub-
section, neither the Administrative Law Judge nor 
the Director shall defer to the opinions of the exam-
iner or agency, but shall conduct a de novo review 
to independently determine the appropriateness of 
the agency’s decision based upon the relevant stat-
utes, regulations, and other appropriate guidance, as 
well as evidence adduced at any hearing.
408 
‘‘(d) FINAL DECISION.—A decision by the Director 
on an independent review under this section shall— 
‘‘(1) be made not later than 60 days after the 
record has been closed; and 
‘‘(2) subject to subsection (e), be deemed a final 
agency action and shall bind the agency whose su-
pervisory determination was the subject of the re-
view and the financial institution requesting the re-
view. 
‘‘(e) LIMITED REVIEW BY FFIEC.— 
‘‘(1) IN GENERAL.—If the agency whose super-
visory determination was the subject of the review 
believes that the Director’s decision under subsection 
(d) would pose an imminent threat to the safety and 
soundness of the financial institution, such agency 
may file a written notice seeking review of the Direc-
tor’s decision with the Council within 10 days of re-
ceiving the Director’s decision. 
‘‘(2) STANDARD OF REVIEW.—In making a de-
termination under this subsection, the Council shall 
conduct a review to determine whether there is sub-
stantial evidence that the Director’s decision would 
pose an imminent threat to the safety and soundness 
of the financial institution.
409 
‘‘(3) FINAL DETERMINATION.—A determination 
by the Council shall— 
‘‘(A) be made not later than 30 days after 
the filing of the notice pursuant to paragraph 
(1); and 
‘‘(B) be deemed a final agency action and 
shall bind the agency whose supervisory deter-
mination was the subject of the review and the 
financial institution requesting the review. 
‘‘(f) RIGHT TO JUDICIAL REVIEW.—A financial insti-
tution shall have the right to petition for review of final 
agency action under this section by filing a Petition for 
Review within 60 days of the Director’s decision or the 
Council’s decision in the United States Court of Appeals 
for the District of Columbia Circuit or the Circuit in which 
the financial institution is located. 
‘‘(g) REPORT.—The Director shall report annually to 
the Committee on Financial Services of the House of Rep-
resentatives and the Committee on Banking, Housing, and 
Urban Affairs of the Senate on actions taken under this 
section, including the types of issues that the Director has 
reviewed and the results of those reviews. In no case shall 
such a report contain information about individual finan-
cial institutions or any confidential or privileged informa-
tion shared by financial institutions.
410 
‘‘(h) RETALIATION PROHIBITED.—A Federal finan-
cial institutions regulatory agency may not— 
‘‘(1) retaliate against a financial institution, in-
cluding service providers, or any institution-affiliated 
party (as defined under section 3 of the Federal De-
posit Insurance Act), for exercising appellate rights 
under this section; or 
‘‘(2) delay or deny any agency action that 
would benefit a financial institution or any institu-
tion-affiliated party on the basis that an appeal 
under this section is pending under this section. 
‘‘(i) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed— 
‘‘(1) to affect the right of a Federal financial 
institutions regulatory agency to take enforcement 
or other supervisory actions related to a material su-
pervisory determination under review under this sec-
tion; or 
‘‘(2) to prohibit the review under this section of 
a material supervisory determination with respect to 
which there is an ongoing enforcement or other su-
pervisory action.’’. 
SEC. 934. ADDITIONAL AMENDMENTS. 
(a) RIEGLE COMMUNITY DEVELOPMENT AND REGU-
LATORY IMPROVEMENT ACT OF 1994.—Section 309 of the
411 
Riegle Community Development and Regulatory Improve-
ment Act of 1994 (12 U.S.C. 4806) is amended— 
(1) in subsection (a), by inserting after ‘‘appro-
priate Federal banking agency’’ the following: ‘‘, the 
Bureau of Consumer Financial Protection,’’; 
(2) in subsection (b)— 
(A) in paragraph (2), by striking ‘‘the ap-
pellant from retaliation by agency examiners’’ 
and inserting ‘‘the insured depository institu-
tion or insured credit union from retaliation by 
the agencies referred to in subsection (a)’’; and 
(B) by adding at the end the following 
flush-left text: 
‘‘For purposes of this subsection and subsection (e), retal-
iation includes delaying consideration of, or withholding 
approval of, any request, notice, or application that other-
wise would have been approved, but for the exercise of the 
institution’s or credit union’s rights under this section.’’; 
(3) in subsection (e)(2)— 
(A) in subparagraph (B), by striking 
‘‘and’’ at the end; 
(B) in subparagraph (C), by striking the 
period and inserting ‘‘; and’’; and 
(C) by adding at the end the following:
412 
‘‘(D) ensure that appropriate safeguards 
exist for protecting the insured depository insti-
tution or insured credit union from retaliation 
by any agency referred to in subsection (a) for 
exercising its rights under this subsection.’’; 
and 
(4) in subsection (f)(1)(A)— 
(A) in clause (ii), by striking ‘‘and’’ at the 
end; 
(B) in clause (iii), by striking ‘‘and’’ at the 
end; and 
(C) by adding at the end the following: 
‘‘(iv) any issue specifically listed in an 
exam report as a matter requiring atten-
tion by the institution’s management or 
board of directors; and 
‘‘(v) any suspension or removal of an 
institution’s status as eligible for expedited 
processing of applications, requests, no-
tices, or filings on the grounds of a super-
visory or compliance concern, regardless of 
whether that concern has been cited as a 
basis for another material supervisory de-
termination or matter requiring attention 
in an examination report, provided that the
413 
conduct at issue did not involve violation of 
any criminal law; and’’. 
(b) FEDERAL CREDIT UNION ACT.—Section 205(j) 
of the Federal Credit Union Act (12 U.S.C. 1785(j)) is 
amended by inserting ‘‘the Bureau of Consumer Financial 
Protection,’’ before ‘‘the Administration’’ each place such 
term appears. 
(c) FEDERAL FINANCIAL INSTITUTIONS EXAMINA-
TION COUNCIL ACT OF 1978.—The Federal Financial In-
stitutions Examination Council Act of 1978 (12 U.S.C. 
3301 et seq.) is amended— 
(1) in section 1003, by amending paragraph (1) 
to read as follows: 
‘‘(1) the term ‘Federal financial institutions 
regulatory agencies’— 
‘‘(A) means the Office of the Comptroller 
of the Currency, the Board of Governors of the 
Federal Reserve System, the Federal Deposit 
Insurance Corporation, and the National Credit 
Union Administration; and 
‘‘(B) for purposes of sections 1012, 1013, 
and 1014, includes the Bureau of Consumer Fi-
nancial Protection;’’; and 
(2) in section 1005, by striking ‘‘One-fifth’’ and 
inserting ‘‘One-fourth’’.
414 
Subtitle U—TRID Improvement Act 
SEC. 936. AMENDMENTS TO MORTGAGE DISCLOSURE RE-
QUIREMENTS. 
Section 4(a) of the Real Estate Settlement Proce-
dures Act of 1974 (12 U.S.C. 2603(a)) is amended— 
(1) by striking ‘‘itemize all charges’’ and insert-
ing ‘‘itemize all actual charges’’; 
(2) by striking ‘‘and all charges imposed upon 
the seller in connection with the settlement and’’ and 
inserting ‘‘and the seller in connection with the set-
tlement. Such forms’’; and 
(3) by inserting after ‘‘or both.’’ the following 
new sentence: ‘‘Charges for any title insurance pre-
mium disclosed on such forms shall be equal to the 
amount charged for each individual title insurance 
policy, subject to any discounts as required by State 
regulation or the title company rate filings.’’. 
Subtitle V—Common Sense Credit 
Union Capital Relief Act 
SEC. 938. DELAY IN EFFECTIVE DATE. 
Notwithstanding any effective date set forth in the 
rule issued by the National Credit Union Administration 
titled ‘‘Risk-Based Capital’’ (published at 80 Fed. Reg. 
66626 (October 29, 2015)), such final rule shall take ef-
fect on January 1, 2021.
415 
Subtitle W—Bureau of Consumer 
Financial 
Protection–Inspector 
General Reform Act 
SEC. 939. APPOINTMENT OF INSPECTOR GENERAL. 
The Inspector General Act of 1978 (5 U.S.C. App.) 
is amended— 
(1) in section 8G— 
(A) in subsection (a)(2), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
(B) in subsection (c), by striking ‘‘For 
purposes of implementing this section’’ and all 
that follows through the end of the subsection; 
and 
(C) in subsection (g)(3), by striking ‘‘and 
the Bureau of Consumer Financial Protection’’; 
and 
(2) in section 12— 
(A) in paragraph (1), by inserting ‘‘the Di-
rector of the Bureau of Consumer Financial 
Protection;’’ after ‘‘the President of the Export- 
Import Bank;’’; and 
(B) in paragraph (2), by inserting ‘‘the 
Bureau of Consumer Financial Protection,’’ 
after ‘‘the Export-Import Bank,’’.
416 
SEC. 940. REQUIREMENTS FOR THE INSPECTOR GENERAL 
FOR THE BUREAU OF CONSUMER FINANCIAL 
PROTECTION. 
(a) ESTABLISHMENT.—Section 1011 of the Dodd- 
Frank Wall Street Reform and Consumer Protection Act 
(12 U.S.C. 5491) is amended— 
(1) in subsection (b)— 
(A) in the subsection heading, by striking 
‘‘AND DEPUTY DIRECTOR’’ and inserting ‘‘, 
DEPUTY
DIRECTOR, AND
INSPECTOR
GEN-
ERAL’’; and 
(B) by inserting after paragraph (5) the 
following: 
‘‘(6) INSPECTOR
GENERAL.—There is estab-
lished the position of the Inspector General.’’; and 
(2) in subsection (d), by striking ‘‘or Deputy 
Director’’ each place it appears and inserting ‘‘, 
Deputy Director, or Inspector General’’. 
(b) HEARINGS.—Section 1016 of such Act is amend-
ed by inserting after subsection (c) the following: 
‘‘(d) ADDITIONAL REQUIREMENT
FOR INSPECTOR 
GENERAL.—On a separate occasion from that described 
in subsection (a), the Inspector General of the Bureau 
shall appear, upon invitation, before the Committee on 
Banking, Housing, and Urban Affairs of the Senate and 
the Committee on Financial Services of the House of Rep-
417 
resentatives at hearings no less frequently than twice an-
nually, at a date determined by the chairman of the re-
spective committee, regarding the reports required under 
subsection (b) and the reports required under section 5 
of the Inspector General Act of 1978 (5 U.S.C. App.).’’. 
(c) FUNDING
FOR OFFICE
OF INSPECTOR GEN-
ERAL.—Section 1017(a)(2) of such Act is amended— 
(1) by redesignating subparagraph (C) as sub-
paragraph (D); and 
(2) by inserting after subparagraph (B) the fol-
lowing: 
‘‘(C) FUNDING FOR OFFICE OF INSPECTOR 
GENERAL.—Each fiscal year, the Bureau shall 
dedicate 2 percent of the funds transferred pur-
suant to paragraph (1) to the Office of the In-
spector General.’’. 
(d) PARTICIPATION IN THE COUNCIL OF INSPECTORS 
GENERAL
ON
FINANCIAL
OVERSIGHT.—Section 
989E(a)(1) of such Act is amended by adding at the end 
the following: 
‘‘(J) The Bureau of Consumer Financial 
Protection.’’. 
SEC. 941. EFFECTIVE DATE. 
The amendments made by this subtitle shall take ef-
fect 60 days after the date of the enactment of this Act.
419 
(A) by amending the heading of such sub-
section to read as follows: ‘‘BUDGET, FINAN-
CIAL MANAGEMENT, AND AUDIT.—’’; 
(B) by striking paragraphs (1), (2), and 
(3); 
(C) by redesignating paragraphs (4) and 
(5) as paragraphs (1) and (2), respectively; and 
(D) by striking subparagraphs (E) and (F) 
of paragraph (1), as so redesignated; 
(2) by striking subsections (b) and (c); 
(3) by redesignating subsections (d) and (e) as 
subsections (b) and (c), respectively; and 
(4) in subsection (c), as so redesignated— 
(A) by striking paragraphs (1), (2), and 
(3) and inserting the following: 
‘‘(1) AUTHORIZATION
OF
APPROPRIATION.— 
There authorized to be appropriated for fiscal year 
2020 to the Bureau from the combined earnings of 
the Federal Reserve System $485,000,000.’’; and 
(B) by redesignating paragraph (4) as 
paragraph (2).
420 
Subtitle Y—Stress Test Relief for 
Nonbanks 
SEC. 944. STRESS TEST RELIEF FOR NONBANKS. 
Section 165(i)(2) of the Dodd-Frank Wall Street Re-
form and Consumer Protection Act (12 U.S.C. 5365(i)(2)) 
is amended— 
(1) in subparagraph (A), by striking ‘‘are regu-
lated by a primary Federal financial regulatory 
agency’’ and inserting: ‘‘whose primary financial reg-
ulatory agency is a Federal banking agency or the 
Federal Housing Finance Agency’’; 
(2) in subparagraph (C), by striking ‘‘Each 
Federal primary financial regulatory agency’’ and 
inserting ‘‘Each Federal banking agency and the 
Federal housing finance agency’’; and 
(3) by adding at the end the following: 
‘‘(D) SEC AND CFTC.—The Securities and 
Exchange Commission and the Commodity Fu-
tures Trading Commission may each issue regu-
lations requiring financial companies with re-
spect to which they are the primary financial 
regulatory agency to conduct periodic analyses 
of the financial condition, including available li-
quidity, of such companies under adverse eco-
nomic conditions.’’.
421 
Subtitle Z—Interaffiliate Language 
SEC. 945. INTERAFFILIATE TREATMENT WITH RESPECT TO 
INITIAL MARGIN REQUIREMENTS. 
Section 15F(e)(4) of the Securities Exchange Act of 
1934 (15 U.S.C. 78o–10(e)(4)) is amended— 
(1) by striking ‘‘The requirements’’ and insert-
ing the following: 
‘‘(A) IN
GENERAL.—The requirements’’; 
and 
(2) by adding at the end the following: 
‘‘(B) INITIAL
MARGIN
REQUIREMENT.— 
The initial margin requirements imposed by 
rules adopted pursuant to paragraphs (2)(A)(ii) 
and (2)(B)(ii) shall not apply to any security- 
based swap in which— 
‘‘(i) one counterparty is a person in 
which the other counterparty, directly or 
indirectly, holds a majority ownership in-
terest; or 
‘‘(ii) a third party, directly or indi-
rectly, holds a majority ownership interest 
in both counterparties.’’.
422 
Subtitle AA—Tailored Application 
of Prudential Standards 
SEC. 946. TAILORED APPLICATION OF PRUDENTIAL STAND-
ARDS. 
Section 165(a)(2)(A) of the Financial Stability Act 
of 2010 (12 U.S.C. 5365(a)(2)(A)) is amended by insert-
ing before the period the following: ‘‘to ensure that compa-
nies with comparable risk profiles and business models are 
operating under a similar set of requirements’’. 
Subtitle BB—Authority to Remove 
Bureau Director 
SEC. 947. AUTHORITY TO REMOVE BUREAU DIRECTOR. 
Section 1011(c) of the Consumer Financial Protec-
tion Act of 2010 (12 U.S.C. 5491(c)) is amended by strik-
ing paragraph (3). 
Subtitle CC—Congressional Review 
of Bureau Rulemaking 
SEC. 948. CONGRESSIONAL REVIEW OF BUREAU RULE-
MAKING. 
Chapter 8 of title 5, United States Code, is amended 
to read as follows: 
‘‘CHAPTER 8—CONGRESSIONAL REVIEW 
OF BUREAU RULEMAKING 
‘‘Sec. 
‘‘801. Congressional review. 
‘‘802. Congressional approval procedure for major rules. 
‘‘803. Congressional disapproval procedure for nonmajor rules.
423 
‘‘804. Definitions. 
‘‘805. Judicial review. 
‘‘806. Exemption for monetary policy. 
‘‘807. Effective date of certain rules. 
‘‘808. Regulatory cut-go requirement. 
‘‘809. Review of rules currently in effect. 
‘‘§ 801. Congressional review 
‘‘(a)(1)(A) Before a rule may take effect, the Bureau 
shall satisfy the requirements of section 808 and shall 
publish in the Federal Register a list of information on 
which the rule is based, including data, scientific and eco-
nomic studies, and cost-benefit analyses, and identify how 
the public can access such information online, and shall 
submit to each House of the Congress and to the Comp-
troller General a report containing— 
‘‘(i) a copy of the rule; 
‘‘(ii) a concise general statement relating to the 
rule; 
‘‘(iii) a classification of the rule as a major or 
nonmajor rule, including an explanation of the clas-
sification specifically addressing each criteria for a 
major rule contained within sections 804(2)(A), 
804(2)(B), and 804(2)(C); 
‘‘(iv) a list of any other related regulatory ac-
tions intended to implement the same statutory pro-
vision or regulatory objective as well as the indi-
vidual and aggregate economic effects of those ac-
tions; and
424 
‘‘(v) the proposed effective date of the rule. 
‘‘(B) On the date of the submission of the report 
under subparagraph (A), the Bureau shall submit to the 
Comptroller General and make available to each House of 
Congress— 
‘‘(i) a complete copy of the cost-benefit analysis 
of the rule, if any, including an analysis of any jobs 
added or lost, differentiating between public and pri-
vate sector jobs; 
‘‘(ii) the Bureau’s actions pursuant to sections 
603, 604, 605, 607, and 609 of this title; 
‘‘(iii) the Bureau’s actions pursuant to sections 
202, 203, 204, and 205 of the Unfunded Mandates 
Reform Act of 1995; and 
‘‘(iv) any other relevant information or require-
ments under any other Act and any relevant Execu-
tive orders. 
‘‘(C) Upon receipt of a report submitted under sub-
paragraph (A), each House shall provide copies of the re-
port to the chairman and ranking member of each stand-
ing committee with jurisdiction under the rules of the 
House of Representatives or the Senate to report a bill 
to amend the provision of law under which the rule is 
issued.
425 
‘‘(2)(A) The Comptroller General shall provide a re-
port on each major rule to the committees of jurisdiction 
by the end of 15 calendar days after the submission or 
publication date. The report of the Comptroller General 
shall include an assessment of the Bureau’s compliance 
with procedural steps required by paragraph (1)(B) and 
an assessment of whether the major rule imposes any new 
limits or mandates on private-sector activity. 
‘‘(B) Federal agencies shall cooperate with the Comp-
troller General by providing information relevant to the 
Comptroller General’s report under subparagraph (A). 
‘‘(3) A major rule relating to a report submitted 
under paragraph (1) shall take effect upon enactment of 
a joint resolution of approval described in section 802 or 
as provided for in the rule following enactment of a joint 
resolution of approval described in section 802, whichever 
is later. 
‘‘(4) A nonmajor rule shall take effect as provided 
by section 803 after submission to Congress under para-
graph (1). 
‘‘(5) If a joint resolution of approval relating to a 
major rule is not enacted within the period provided in 
subsection (b)(2), then a joint resolution of approval relat-
ing to the same rule may not be considered under this
426 
chapter in the same Congress by either the House of Rep-
resentatives or the Senate. 
‘‘(b)(1) A major rule shall not take effect unless the 
Congress enacts a joint resolution of approval described 
under section 802. 
‘‘(2) If a joint resolution described in subsection (a) 
is not enacted into law by the end of 70 session days or 
legislative days, as applicable, beginning on the date on 
which the report referred to in section 801(a)(1)(A) is re-
ceived by Congress (excluding days either House of Con-
gress is adjourned for more than 3 days during a session 
of Congress), then the rule described in that resolution 
shall be deemed not to be approved and such rule shall 
not take effect. 
‘‘(c)(1) Notwithstanding any other provision of this 
section (except subject to paragraph (3)), a major rule 
may take effect for one 90-calendar-day period if the 
President makes a determination under paragraph (2) and 
submits written notice of such determination to the Con-
gress. 
‘‘(2) Paragraph (1) applies to a determination made 
by the President by Executive order that the major rule 
should take effect because such rule is— 
‘‘(A) necessary because of an imminent threat 
to health or safety or other emergency;
427 
‘‘(B) necessary for the enforcement of criminal 
laws; 
‘‘(C) necessary for national security; or 
‘‘(D) issued pursuant to any statute imple-
menting an international trade agreement. 
‘‘(3) An exercise by the President of the authority 
under this subsection shall have no effect on the proce-
dures under section 802. 
‘‘(d)(1) In addition to the opportunity for review oth-
erwise provided under this chapter, in the case of any rule 
for which a report was submitted in accordance with sub-
section (a)(1)(A) during the period beginning on the date 
occurring— 
‘‘(A) in the case of the Senate, 60 session days; 
or 
‘‘(B) in the case of the House of Representa-
tives, 60 legislative days, 
before the date the Congress is scheduled to adjourn a 
session of Congress through the date on which the same 
or succeeding Congress first convenes its next session, sec-
tions 802 and 803 shall apply to such rule in the suc-
ceeding session of Congress. 
‘‘(2)(A) In applying sections 802 and 803 for pur-
poses of such additional review, a rule described under 
paragraph (1) shall be treated as though—
428 
‘‘(i) such rule were published in the Federal 
Register on— 
‘‘(I) in the case of the Senate, the 15th 
session day; or 
‘‘(II) in the case of the House of Rep-
resentatives, the 15th legislative day, 
after the succeeding session of Congress first con-
venes; and 
‘‘(ii) a report on such rule were submitted to 
Congress under subsection (a)(1) on such date. 
‘‘(B) Nothing in this paragraph shall be construed 
to affect the requirement under subsection (a)(1) that a 
report shall be submitted to Congress before a rule can 
take effect. 
‘‘(3) A rule described under paragraph (1) shall take 
effect as otherwise provided by law (including other sub-
sections of this section). 
‘‘§ 802. Congressional approval procedure for major 
rules 
‘‘(a)(1) For purposes of this section, the term ‘joint 
resolution’ means only a joint resolution addressing a re-
port classifying a rule as major pursuant to section 
801(a)(1)(A)(iii) that— 
‘‘(A) bears no preamble;
429 
‘‘(B) bears the following title (with blanks filled 
as appropriate): ‘Approving the rule submitted by 
lll relating to lll.’; 
‘‘(C) includes after its resolving clause only the 
following (with blanks filled as appropriate): ‘That 
Congress approves the rule submitted by lll re-
lating to lll.’; and 
‘‘(D) is introduced pursuant to paragraph (2). 
‘‘(2) After a House of Congress receives a report 
classifying a rule as major pursuant to section 
801(a)(1)(A)(iii), the majority leader of that House (or 
his or her respective designee) shall introduce (by request, 
if appropriate) a joint resolution described in paragraph 
(1)— 
‘‘(A) in the case of the House of Representa-
tives, within 3 legislative days; and 
‘‘(B) in the case of the Senate, within 3 session 
days. 
‘‘(3) A joint resolution described in paragraph (1) 
shall not be subject to amendment at any stage of pro-
ceeding. 
‘‘(b) A joint resolution described in subsection (a) 
shall be referred in each House of Congress to the commit-
tees having jurisdiction over the provision of law under 
which the rule is issued.
430 
‘‘(c) In the Senate, if the committee or committees 
to which a joint resolution described in subsection (a) has 
been referred have not reported it at the end of 15 session 
days after its introduction, such committee or committees 
shall be automatically discharged from further consider-
ation of the resolution and it shall be placed on the cal-
endar. A vote on final passage of the resolution shall be 
taken on or before the close of the 15th session day after 
the resolution is reported by the committee or committees 
to which it was referred, or after such committee or com-
mittees have been discharged from further consideration 
of the resolution. 
‘‘(d)(1) In the Senate, when the committee or com-
mittees to which a joint resolution is referred have re-
ported, or when a committee or committees are discharged 
(under subsection (c)) from further consideration of a 
joint resolution described in subsection (a), it is at any 
time thereafter in order (even though a previous motion 
to the same effect has been disagreed to) for a motion 
to proceed to the consideration of the joint resolution, and 
all points of order against the joint resolution (and against 
consideration of the joint resolution) are waived. The mo-
tion is not subject to amendment, or to a motion to post-
pone, or to a motion to proceed to the consideration of 
other business. A motion to reconsider the vote by which
431 
the motion is agreed to or disagreed to shall not be in 
order. If a motion to proceed to the consideration of the 
joint resolution is agreed to, the joint resolution shall re-
main the unfinished business of the Senate until disposed 
of. 
‘‘(2) In the Senate, debate on the joint resolution, 
and on all debatable motions and appeals in connection 
therewith, shall be limited to not more than 2 hours, which 
shall be divided equally between those favoring and those 
opposing the joint resolution. A motion to further limit 
debate is in order and not debatable. An amendment to, 
or a motion to postpone, or a motion to proceed to the 
consideration of other business, or a motion to recommit 
the joint resolution is not in order. 
‘‘(3) In the Senate, immediately following the conclu-
sion of the debate on a joint resolution described in sub-
section (a), and a single quorum call at the conclusion of 
the debate if requested in accordance with the rules of the 
Senate, the vote on final passage of the joint resolution 
shall occur. 
‘‘(4) Appeals from the decisions of the Chair relating 
to the application of the rules of the Senate to the proce-
dure relating to a joint resolution described in subsection 
(a) shall be decided without debate.
432 
‘‘(e) In the House of Representatives, if any com-
mittee to which a joint resolution described in subsection 
(a) has been referred has not reported it to the House 
at the end of 15 legislative days after its introduction, 
such committee shall be discharged from further consider-
ation of the joint resolution, and it shall be placed on the 
appropriate calendar. On the second and fourth Thursdays 
of each month it shall be in order at any time for the 
Speaker to recognize a Member who favors passage of a 
joint resolution that has appeared on the calendar for at 
least 5 legislative days to call up that joint resolution for 
immediate consideration in the House without intervention 
of any point of order. When so called up a joint resolution 
shall be considered as read and shall be debatable for 1 
hour equally divided and controlled by the proponent and 
an opponent, and the previous question shall be considered 
as ordered to its passage without intervening motion. It 
shall not be in order to reconsider the vote on passage. 
If a vote on final passage of the joint resolution has not 
been taken by the third Thursday on which the Speaker 
may recognize a Member under this subsection, such vote 
shall be taken on that day. 
‘‘(f)(1) If, before passing a joint resolution described 
in subsection (a), one House receives from the other a 
joint resolution having the same text, then—