IIB 
115TH CONGRESS 
2D SESSION 
H. R. 4607 
IN THE SENATE OF THE UNITED STATES 
MARCH 7, 2018 
Received; read twice and referred to the Committee on Banking, Housing, and 
Urban Affairs 
AN ACT 
To amend the Economic Growth and Regulatory Paperwork 
Reduction Act of 1996 to ensure that Federal financial 
regulators perform a comprehensive review of regulations 
to identify outdated or otherwise unnecessary regulatory 
requirements imposed on covered persons, and for other 
purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
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SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Comprehensive Regu-
latory Review Act’’. 
SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 
GROWTH AND REGULATORY PAPERWORK RE-
DUCTION ACT. 
Section 2001(c) of the Economic Growth and Regu-
latory Paperwork Reduction Act of 1996 (12 U.S.C. 252 
note) is amended by adding at the end the following new 
paragraphs: 
‘‘(8) COVERED
PERSON.—The term ‘covered 
person’ has the meaning given such term in section 
1002 of the Consumer Financial Protection Act of 
2010 (12 U.S.C. 5481). 
‘‘(9) FEDERAL
FINANCIAL
REGULATOR.—The 
term ‘Federal financial regulator’ means the Office 
of the Comptroller of the Currency, the Federal De-
posit Insurance Corporation, the Board of Governors 
of the Federal Reserve System, the Bureau of Con-
sumer Financial Protection, and the National Credit 
Union Administration Board.’’. 
SEC. 3. ENSURING A COMPREHENSIVE REGULATORY RE-
VIEW. 
(a) IN GENERAL.—Subsection (a) of section 2222 of 
the Economic Growth and Regulatory Paperwork Reduc-
tion Act of 1996 (12 U.S.C. 3311(a)) is amended— 
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(1) by striking ‘‘10 years’’ and inserting ‘‘7 
years’’; 
(2) by striking ‘‘each appropriate’’ and all that 
follows through ‘‘review’’ and inserting ‘‘the Federal 
financial regulators shall each conduct a comprehen-
sive review’’; 
(3) by striking ‘‘such appropriate Federal bank-
ing agency’’ and inserting ‘‘such Federal financial 
regulator, jointly or otherwise,’’; and 
(4) by inserting ‘‘or covered persons’’ after ‘‘in-
sured depository institutions’’. 
(b) CONFORMING AMENDMENTS.—Such section is 
amended— 
(1) in subsections (b), (c), (d), and (e), by 
striking ‘‘the appropriate Federal banking agency’’ 
each place that term appears and inserting ‘‘the ap-
propriate Federal financial regulator’’; and 
(2) in subsection (e)(1), by striking ‘‘the appro-
priate Federal banking agencies’’ and inserting ‘‘the 
appropriate Federal financial regulator’’. 
SEC. 4. CONSIDERATIONS FOR COMPREHENSIVE REGU-
LATORY REVIEW. 
Section 2222 of the Economic Growth and Regu-
latory Paperwork Reduction Act of 1996 (12 U.S.C. 
3311), as amended by section 3, is further amended— 
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(1) in subsection (c), by striking ‘‘10 years’’ 
and inserting ‘‘7 years’’; and 
(2) in subsection (d)— 
(A) in paragraph (1), by striking ‘‘and’’ at 
the end; 
(B) in paragraph (2), by striking the pe-
riod at the end and inserting ‘‘; and’’; and 
(C) by adding at the end the following new 
paragraph: 
‘‘(3) tailor other regulations related to covered 
persons in a manner that limits the regulatory com-
pliance impact, cost, liability risk, and other bur-
dens, unless otherwise determined by the Council or 
the appropriate Federal financial regulator.’’. 
SEC. 5. REVIEWS CONDUCTED BY THE BUREAU. 
Section 2222 of the Economic Growth and Regu-
latory Paperwork Reduction Act of 1996 (12 U.S.C. 
3311), as amended by section 4, is further amended by 
adding at the end the following new subsection: 
‘‘(f) REVIEWS CONDUCTED BY THE BUREAU.—The 
Bureau of Consumer Financial Protection shall— 
‘‘(1) use any relevant information from an as-
sessment conducted under section 1022(d) of the 
Consumer Financial Protection Act of 2010 (12 
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U.S.C. 5512(d)) in conducting the review required 
under subsection (a); and 
‘‘(2) conduct such review in accordance with the 
purposes and objectives described in subsections (a) 
and (b) of section 1021 of such Act (12 U.S.C. 
5511).’’. 
SEC. 6. REDUCTION OF SURPLUS FUNDS OF FEDERAL RE-
SERVE BANKS. 
(a) IN GENERAL.—Section 7(a)(3)(A) of the Federal 
Reserve Act (12 U.S.C. 289(a)(3)(A)) is amended by 
striking 
‘‘$7,500,000,000’’ 
and 
inserting 
‘‘$7,495,714,285’’. 
(b) EFFECTIVE DATE.—Subsection (a) shall take ef-
fect on May 1, 2018. 
Passed the House of Representatives March 6, 
2018. 
Attest: 
KAREN L. HAAS, 
Clerk. 
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