Financial Guidance Review Act of 2021
Bill: H.R.4232 | Sponsor: Rep. Mooney, Alexander X. (R-WV)
Policy area: Finance and Financial Sector

Summary:
Financial Guidance Review Act of 2021
This bill requires specified financial regulatory agencies to annually review guidance issued by the agency to identify whether any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to $100 million. If so, the agency must revoke this guidance and provide public notice of the revocation. The agency must also report the results to Congress upon completion of any such review.

To require financial regulatory agencies to annually review guidance 
                    issued, and for other purposes.

    Be it enacted by the Senate and House of Representatives 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 Currency.--Chapter 9 of title 
VII of the Revised Statutes 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 completion 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 reasonably be 
        anticipated to have an annual economic effect 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 conducted 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 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--
            ``(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 requirements 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 regulated persons.''.
    (b) Board of Governors of the Federal Reserve 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 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 `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 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 pursuant to notice and 
                comment under section 553 such title;
                    ``(B) a rule exempt from rulemaking requirements 
                under subsection (a) or (b)(3)(B) of section 553 of 
                such title;
                    ``(C) a rule of agency organization, procedure, 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 intended 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 annual 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 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 reasonably be 
        anticipated to have an annual economic effect 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 conducted under this 
section shall include any guidance issued by the Board in effect on the 
date such review is conducted.
    ``(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 statutory, 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 requirements 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 regulated 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 following new subsection:
    ``(h) Annual Review of Guidance.--
            ``(1) In general.--The Corporation shall conduct an annual 
        review of guidance issued by the Corporation 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 Corporation 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 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 `guidance' 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 pursuant to notice and 
                comment under section 553 such title;
                    ``(B) a rule exempt from rulemaking requirements 
                under subsection (a) or (b)(3)(B) of section 553 of 
                such title;
                    ``(C) a rule of agency organization, procedure, 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 intended to have a 
                substantial future effect on the behavior of regulated 
                persons.''.
    (e) Bureau of Consumer Financial Protection.--Section 1022(b) of 
the Consumer Financial Protection 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 guidance issued by the 
                Bureau 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 Director shall--
                            ``(i) submit to Congress a report including 
                        the results of the review;
                            ``(ii) revoke any such guidance that may 
                        reasonably be anticipated to have an annual 
                        economic effect greater than or equal to 
                        $100,000,000; and
                            ``(iii) publish on a publicly available 
                        website of the Bureau a notice of any 
                        revocation made under clause (ii).
                    ``(B) First review.--The first such review 
                conducted under this paragraph shall include any 
                guidance issued by the Director in effect on the date 
                such review is conducted.
                    ``(C) Guidance defined.--The term `guidance' means 
                statement of general applicability issued by the 
                Director of the Bureau, 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--
                            ``(i) a rule, as defined in section 551 of 
                        title 5, United States Code, promulgated 
                        pursuant to notice and comment under section 
                        553 such title;
                            ``(ii) a rule exempt from rulemaking 
                        requirements under subsection (a) or (b)(3)(B) 
                        of section 553 of such title;
                            ``(iii) a rule of agency organization, 
                        procedure, or practice;
                            ``(iv) a decision of an agency adjudication 
                        under section 554 of such title or any similar 
                        statutory provision; or
                            ``(v) internal guidance directed to the 
                        issuing agency or other agency that is not 
                        intended to have a substantial future effect on 
                        the behavior of regulated persons.''.
    (f) Securities Exchange Commission.--Section 23 of the Securities 
Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end 
the following new subsection:
    ``(e) Annual Review of Guidance.--
            ``(1) In general.--The Commission shall conduct an annual 
        review of guidance issued by the Commission 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 Commission 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 Commission 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 
        Commission in effect on the date such review is conducted.
            ``(3) Guidance defined.--The term `guidance' means 
        statement of general applicability issued by the Commission, 
        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 pursuant to notice and 
                comment under section 553 such title;
                    ``(B) a rule exempt from rulemaking requirements 
                under subsection (a) or (b)(3)(B) of section 553 of 
                such title;
                    ``(C) a rule of agency organization, procedure, 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 intended to have a 
                substantial future effect on the behavior of regulated 
                persons.''.
    (g) Commodity Futures Trading Commission.--Section 2(a) of the 
Commodity Exchange Act (7 U.S.C. 2(a)) is amended by adding at the end 
the following new paragraph:
            ``(16) Annual review of guidance.--
                    ``(A) In general.--The Commission shall conduct an 
                annual review of guidance issued by the Commission 
                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 Commission shall--
                            ``(i) submit to Congress a report including 
                        the results of the review;
                            ``(ii) revoke any such guidance that may 
                        reasonably be anticipated to have an annual 
                        economic effect greater than or equal to 
                        $100,000,000; and
                            ``(iii) publish on a publicly available 
                        website of the Commission a notice of any 
                        revocation made under clause (ii).
                    ``(B) First review.--The first such review 
                conducted under this paragraph shall include any 
                guidance issued by the Commission in effect on the date 
                such review is conducted.
                    ``(C) Guidance defined.--The term `guidance' means 
                statement of general applicability issued by the 
                Commission, 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--
                            ``(i) a rule, as defined in section 551 of 
                        title 5, United States Code, promulgated 
                        pursuant to notice and comment under section 
                        553 such title;
                            ``(ii) a rule exempt from rulemaking 
                        requirements under subsection (a) or (b)(3)(B) 
                        of section 553 of such title;
                            ``(iii) a rule of agency organization, 
                        procedure, or practice;
                            ``(iv) a decision of an agency adjudication 
                        under section 554 of such title or any similar 
                        statutory provision; or
                            ``(v) internal guidance directed to the 
                        issuing agency or other agency that is not 
                        intended to have a substantial future effect on 
                        the behavior of regulated persons.''.
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