I 
114TH CONGRESS 
2D SESSION 
H. R. 5808 
To amend the Economic Growth and Regulatory Paperwork Reduction Act 
of 1996 to ensure that Federal financial regulators perform a comprehen-
sive review of regulations to identify outdated or otherwise unnecessary 
regulatory requirements imposed on covered persons, and for other pur-
poses. 
IN THE HOUSE OF REPRESENTATIVES 
JULY 14, 2016 
Mr. DUFFY (for himself, Mr. NEUGEBAUER, Mr. TIPTON, Mr. LUETKEMEYER, 
and Mr. HURT of Virginia) introduced the following bill; which was re-
ferred to the Committee on Financial Services 
A BILL 
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to identify outdated or otherwise unnecessary regulatory 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, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Comprehensive Regu-
latory Review Act of 2016’’. 
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SEC. 2. AMENDMENTS TO DEFINITIONS OF THE ECONOMIC 
GROWTH AND REGULATORY PAPER REDUC-
TION 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.—Section 2222 of the Economic 
Growth and Regulatory Paperwork Reduction Act of 1996 
(12 U.S.C. 3311) is amended— 
(1) in subsection (a)— 
(A) by striking ‘‘10 years’’ and inserting 
‘‘5 years’’; 
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(B) by striking ‘‘each appropriate’’ and all 
that follows through ‘‘review’’ and inserting 
‘‘the Federal financial regulator shall each con-
duct a comprehensive review’’; 
(C) by striking ‘‘any such appropriate Fed-
eral banking agency’’ and inserting ‘‘such Fed-
eral financial regulator, jointly or otherwise, 
and including all regulations issued after De-
cember 31st, 2006’’; and 
(D) by striking ‘‘insured depository institu-
tions’’ and inserting ‘‘covered persons’’. 
(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 (b)— 
(A) in paragraph (1), by striking ‘‘and’’ at 
the end; 
(B) by redesignating paragraph (2) as 
paragraph (5); and 
(C) by inserting after paragraph (1) the 
following new paragraphs: 
‘‘(2) consider the impact of the regulations on 
the financial safety and soundness of covered per-
sons; 
‘‘(3) consider the impact of the regulations on 
the risk profile and business models of covered per-
sons subject to the regulatory action; 
‘‘(4) determine the necessity, appropriateness, 
and impact of continuing to apply such regulatory 
action to such covered persons; and’’; 
(2) in subsection (c), by striking ‘‘10 years’’ 
and inserting ‘‘5 years’’; and 
(3) in subsection (d), by amending paragraph 
(2) to read as follows: 
‘‘(2) eliminate or tailor unnecessary regulations 
related to covered persons in a manner that limits 
the regulatory compliance impact, cost, liability risk, 
and other burdens, as is appropriate.’’. 
Æ 
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