[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 2829 Introduced in Senate (IS)]
113th CONGRESS
2d Session
S. 2829
To require certain financial regulators to determine whether new
regulations or orders are duplicative or inconsistent with existing
Federal regulations, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
September 16, 2014
Mr. Wicker introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To require certain financial regulators to determine whether new
regulations or orders are duplicative or inconsistent with existing
Federal regulations, 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 Regulatory Clarity Act of
2014''.
SEC. 2. FEDERAL DEPOSIT INSURANCE CORPORATION.
Section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819) is
amended by adding at the end the following:
``(c) Review of Regulations.--
``(1) In general.--Before issuing a final regulation or
order the Corporation shall, as part of such regulation or
order, assess other Federal regulations and orders to determine
the interaction between the proposed regulation or order and
other Federal regulations and orders.
``(2) Considerations.--In making a determination of the
interaction between the proposed regulation or order and other
Federal regulations, the Corporation shall evaluate the
following:
``(A) Whether the proposed regulation or order is
in conflict with other Federal regulations or orders.
``(B) Whether the proposed regulation or order is
inconsistent with other Federal regulations or orders.
``(C) Whether the proposed regulation or order is
duplicative of other Federal regulations or orders.
``(D) Whether other Federal regulations or orders
are outdated.
``(3) Resolving duplicative or inconsistent regulations or
orders.--The Corporation shall use its bests efforts through
all available measures under current law to reconcile any
duplicative or inconsistent existing regulation or order of the
Corporation with any proposed regulation or order before
issuing a final regulation or order.
``(4) Report to congress.--Not later than the end of the
60-day period beginning on the date the Corporation makes a
determination under paragraph (2), the Corporation shall issue
a report to the Congress containing recommendations made by the
Corporation, including--
``(A) any recommendations of Federal laws or
regulations that should be repealed or amended; and
``(B) any duplicative, inconsistent, or conflicting
regulation or order of another Federal financial
regulator (as defined under paragraph (6)(B)).
``(5) Limitation on judicial review.--Notwithstanding any
other provision of law, a court may not compel action or hold
unlawful and set aside any action solely on the basis of
compliance or noncompliance with the requirements of this
subsection.
``(6) Regulation and order defined.--For purposes of this
subsection:
``(A) In general.--The term `regulation' shall have
the meaning given the term `rule' under section 551(4)
of title 31, United States Code, the term `order' shall
have the meaning given such term by the Corporation,
and the term `other Federal regulations and orders'
shall mean regulations and orders of the Federal
financial regulators, other than the Corporation.
``(B) Federal financial regulators.--The term
`Federal financial regulators' means the Board of
Governors of the Federal Reserve System, the Bureau of
Consumer Financial Protection, the Commodity Futures
Trading Commission, the Comptroller of the Currency,
the Corporation, the National Credit Union
Administration, and the Securities and Exchange
Commission.''.
SEC. 3. OFFICE OF COMPTROLLER OF THE CURRENCY.
Section 324 of the Revised Statutes of the United States (12 U.S.C.
1) is amended by adding at the end the following:
``(c) Review of Regulations.--
``(1) In general.--Before issuing a final regulation or
order the Comptroller of the Currency shall, as part of such
regulation or order, assess other Federal regulations and
orders to determine the interaction between the proposed
regulation or order and other Federal regulations and orders.
``(2) Considerations.--In making a determination of the
interaction between the proposed regulation or order and other
Federal regulations, the Comptroller shall evaluate the
following:
``(A) Whether the proposed regulation or order is
in conflict with other Federal regulations or orders.
``(B) Whether the proposed regulation or order is
inconsistent with other Federal regulations or orders.
``(C) Whether the proposed regulation or order is
duplicative of other Federal regulations or orders.
``(D) Whether other Federal regulations or orders
are outdated.
``(3) Resolving duplicative or inconsistent regulations or
orders.--The Comptroller shall use its best efforts through all
available measures under current law to reconcile any
duplicative or inconsistent existing regulation or order with
any proposed regulation or order before issuing a final
regulation or order.
``(4) Report to congress.--Not later than the end of the
60-day period beginning on the date the Comptroller makes a
determination under paragraph (2), the Comptroller shall issue
a report to the Congress containing recommendations made by the
Comptroller, including--
``(A) any recommendations of Federal laws or
regulations that should be repealed or amended; and
``(B) any duplicative, inconsistent, or conflicting
regulation or order of another Federal financial
regulator (as defined under section 9(c)(6)(B) of the
Federal Deposit Insurance Act).
``(5) Limitation on judicial review.--Notwithstanding any
other provision of law, a court may not compel action or hold
unlawful and set aside any action solely on the basis of
compliance or noncompliance with the requirements of this
subsection.
``(6) Regulation and order defined.--For purposes of this
subsection, the term `regulation' shall have the meaning given
the term `rule' under section 551(4) of title 31, United States
Code, the term `order' shall have the meaning given such term
by the Comptroller, and the term `other Federal regulations and
orders' shall mean regulations and orders of the Federal
financial regulators (as defined under section 9(c)(6)(B) of
the Federal Deposit Insurance Act), other than the
Comptroller.''.
SEC. 4. BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
Section 10 of the Federal Reserve Act is amended by inserting
before paragraph (12) the following:
``(11) Review of regulations.--
``(A) In general.--Before issuing a final
regulation or order the Board of Governors of the
Federal Reserve System shall, as part of such
regulation or order, assess other Federal regulations
and orders to determine the interaction between the
proposed regulation or order and other Federal
regulations and orders.
``(B) Considerations.--In making a determination of
the interaction between the proposed regulation or
order and other Federal regulations, the Board of
Governors shall evaluate the following:
``(i) Whether the proposed regulation or
order is in conflict with other Federal
regulations or orders.
``(ii) Whether the proposed regulation or
order is inconsistent with other Federal
regulations or orders.
``(iii) Whether the proposed regulation or
order is duplicative of other Federal
regulations or orders.
``(iv) Whether other Federal regulations or
orders are outdated.
``(C) Resolving duplicative or inconsistent
regulations or orders.--The Board of Governors shall
use its best efforts through all available measures
under current law to reconcile any duplicative or
inconsistent existing regulation or order with any
proposed regulation or order before issuing a final
regulation or order.
``(D) Report to congress.--Not later than the end
of the 60-day period beginning on the date the Board of
Governors makes a determination under subparagraph (B),
the Board of Governors shall issue a report to the
Congress containing recommendations made by the Board
of Governors, including--
``(i) any recommendations of Federal laws
or regulations that should be repealed or
amended; and
``(ii) any duplicative, inconsistent, or
conflicting regulation or order of another
Federal financial regulator (as defined under
section 9(c)(6)(B) of the Federal Deposit
Insurance Act).
``(E) Limitation on judicial review.--
Notwithstanding any other provision of law, a court may
not compel action or hold unlawful and set aside any
action solely on the basis of compliance or
noncompliance with the requirements of this paragraph.
``(F) Regulation and order defined.--For purposes
of this paragraph, the term `regulation' shall have the
meaning given the term `rule' under section 551(4) of
title 31, United States Code, the term `order' shall
have the meaning given such term by the Board of
Governors, and the term `other Federal regulations and
orders' shall mean regulations and orders of the
Federal financial regulators (as defined under section
9(c)(6)(B) of the Federal Deposit Insurance Act), other
than the Board of Governors.''.
SEC. 5. BUREAU OF CONSUMER FINANCIAL PROTECTION.
Section 1022 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5512) is amended by adding at the end the following:
``(e) Review of Regulations.--
``(1) In general.--Before issuing a final regulation or
order the Bureau shall, as part of such regulation or order,
assess other Federal regulations and orders to determine the
interaction between the proposed regulation or order and other
Federal regulations and orders.
``(2) Considerations.--In making a determination of the
interaction between the proposed regulation or order and other
Federal regulations, the Bureau shall evaluate the following:
``(A) Whether the proposed regulation or order is
in conflict with other Federal regulations or orders.
``(B) Whether the proposed regulation or order is
inconsistent with other Federal regulations or orders.
``(C) Whether the proposed regulation or order is
duplicative of other Federal regulations or orders.
``(D) Whether other Federal regulations or orders
are outdated.
``(3) Resolving duplicative or inconsistent regulations or
orders.--The Bureau shall use its best efforts through all
available measures under current law to reconcile any
duplicative or inconsistent existing regulation or order with
any proposed regulation or order before issuing a final
regulation or order.
``(4) Report to congress.--Not later than the end of the
60-day period beginning on the date the Bureau makes a
determination under paragraph (2), the Bureau shall issue a
report to the Congress containing recommendations made by the
Bureau, including--
``(A) any recommendations of Federal laws or
regulations that should be repealed or amended; and
``(B) any duplicative, inconsistent, or conflicting
regulation or order of another Federal financial
regulator (as defined under section 9(c)(6)(B) of the
Federal Deposit Insurance Act).
``(5) Limitation on judicial review.--Notwithstanding any
other provision of law, a court may not compel action or hold
unlawful and set aside any action solely on the basis of
compliance or noncompliance with the requirements of this
subsection.
``(6) Regulation and order defined.--For purposes of this
subsection, the term `regulation' shall have the meaning given
the term `rule' under section 551(4) of title 31, United States
Code, the term `order' shall have the meaning given such term
by the Bureau, and the term `other Federal regulations and
orders' shall mean regulations and orders of the Federal
financial regulators (as defined under section 9(c)(6)(B) of
the Federal Deposit Insurance Act), other than the Bureau.''.
SEC. 6. NATIONAL CREDIT UNION ADMINISTRATION.
Section 102 of the Federal Credit Union Act (12 U.S.C. 1752a) is
amended by adding at the end the following:
``(g) Review of Regulations.--
``(1) In general.--Before issuing a final regulation or
order the Administration shall, as part of such regulation or
order, assess other Federal regulations and orders to determine
the interaction between the proposed regulation or order and
other Federal regulations and orders.
``(2) Considerations.--In making a determination of the
interaction between the proposed regulation or order and other
Federal regulations, the Administration shall evaluate the
following:
``(A) Whether the proposed regulation or order is
in conflict with other Federal regulations or orders.
``(B) Whether the proposed regulation or order is
inconsistent with other Federal regulations or orders.
``(C) Whether the proposed regulation or order is
duplicative of other Federal regulations or orders.
``(D) Whether other Federal regulations or orders
are outdated.
``(3) Resolving duplicative or inconsistent regulations or
orders.--The Administration shall use its best efforts through
all available measures under current law to reconcile any
duplicative or inconsistent existing regulation or order with
any proposed regulation or order before issuing a final
regulation or order.
``(4) Report to congress.--Not later than the end of the
60-day period beginning on the date the Administration makes a
determination under paragraph (2), the Administration shall
issue a report to the Congress containing recommendations made
by the Administration, including--
``(A) any recommendations of Federal laws or
regulations that should be repealed or amended; and
``(B) any duplicative, inconsistent, or conflicting
regulation or order of another Federal financial
regulator (as defined under section 9(c)(6)(B) of the
Federal Deposit Insurance Act).
``(5) Limitation on judicial review.--Notwithstanding any
other provision of law, a court may not compel action or hold
unlawful and set aside any action solely on the basis of
compliance or noncompliance with the requirements of this
subsection.
``(6) Regulation and order defined.--For purposes of this
subsection, the term `regulation' shall have the meaning given
the term `rule' under section 551(4) of title 31, United States
Code, the term `order' shall have the meaning given such term
by the Administration, and the term `other Federal regulations
and orders' shall mean regulations and orders of the Federal
financial regulators (as defined under section 9(c)(6)(B) of
the Federal Deposit Insurance Act), other than the
Administration.''.
SEC. 7. SECURITIES AND EXCHANGE COMMISSION.
Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d) is
amended by adding at the end the following:
``(j) Review of Regulations.--
``(1) In general.--Before issuing a final regulation or
order the Commission shall, as part of such regulation or
order, assess other Federal regulations and orders to determine
the interaction between the proposed regulation or order and
other Federal regulations and orders.
``(2) Considerations.--In making a determination of the
interaction between the proposed regulation or order and other
Federal regulations, the Commission shall evaluate the
following:
``(A) Whether the proposed regulation or order is
in conflict with other Federal regulations or orders.
``(B) Whether the proposed regulation or order is
inconsistent with other Federal regulations or orders.
``(C) Whether the proposed regulation or order is
duplicative of other Federal regulations or orders.
``(D) Whether other Federal regulations or orders
are outdated.
``(3) Resolving duplicative or inconsistent regulations or
orders.--The Commission shall use its best efforts through all
available measures under current law to reconcile any
duplicative or inconsistent existing regulation or order with
any proposed regulation or order before issuing a final
regulation or order.
``(4) Report to congress.--Not later than the end of the
60-day period beginning on the date the Commission makes a
determination under paragraph (2), the Commission shall issue a
report to the Congress containing recommendations made by the
Commission, including--
``(A) any recommendations of Federal laws or
regulations that should be repealed or amended; and
``(B) any duplicative, inconsistent, or conflicting
regulation or order of another Federal financial
regulator (as defined under section 9(c)(6)(B) of the
Federal Deposit Insurance Act).
``(5) Limitation on judicial review.--Notwithstanding any
other provision of law, a court may not compel action or hold
unlawful and set aside any action solely on the basis of
compliance or noncompliance with the requirements of this
subsection.
``(6) Regulation and order defined.--For purposes of this
subsection, the term `regulation' shall have the meaning given
the term `rule' under section 551(4) of title 31, United States
Code, the term `order' shall have the meaning given such term
by the Commission, and the term `other Federal regulations and
orders' shall mean regulations and orders of the Federal
financial regulators (as defined under section 9(c)(6)(B) of
the Federal Deposit Insurance Act), other than the
Commission.''.
SEC. 8. 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:
``(16) Review of regulations.--
``(A) In general.--Before issuing a final
regulation or order the Commission shall, as part of
such regulation or order, assess other Federal
regulations and orders to determine the interaction
between the proposed regulation or order and other
Federal regulations and orders.
``(B) Considerations.--In making a determination of
the interaction between the proposed regulation or
order and other Federal regulations, the Commission
shall evaluate the following:
``(i) Whether the proposed regulation or
order is in conflict with other Federal
regulations or orders.
``(ii) Whether the proposed regulation or
order is inconsistent with other Federal
regulations or orders.
``(iii) Whether the proposed regulation or
order is duplicative of other Federal
regulations or orders.
``(iv) Whether other Federal regulations or
orders are outdated.
``(C) Resolving duplicative or inconsistent
regulations or orders.--The Commission shall use its
best efforts through all available measures under
current law to reconcile any duplicative or
inconsistent existing regulation or order with any
proposed regulation or order before issuing a final
regulation or order.
``(D) Report to congress.--Not later than the end
of the 60-day period beginning on the date the
Commission makes a determination under subparagraph
(B), the Commission shall issue a report to the
Congress containing recommendations made by the
Commission, including--
``(i) any recommendations of Federal laws
or regulations that should be repealed or
amended; and
``(ii) any duplicative, inconsistent, or
conflicting regulation or order of another
Federal financial regulator (as defined under
section 9(c)(6)(B) of the Federal Deposit
Insurance Act).
``(E) Limitation on judicial review.--
Notwithstanding any other provision of law, a court may
not compel action or hold unlawful and set aside any
action solely on the basis of compliance or
noncompliance with the requirements of this paragraph.
``(F) Regulation and order defined.--For purposes
of this paragraph, the term `regulation' shall have the
meaning given the term `rule' under section 551(4) of
title 31, United States Code, the term `order' shall
have the meaning given such term by the Commission, and
the term `other Federal regulations and orders' shall
mean regulations and orders of the Federal financial
regulators (as defined under section 9(c)(6)(B) of the
Federal Deposit Insurance Act), other than the
Commission.''.
SEC. 9. TREATMENT OF JOINT RULEMAKINGS.
In the case of a joint rulemaking with respect to which an
assessment and determination is required pursuant to an amendment made
under sections 2 through 8 of this Act, the agencies shall jointly make
such assessment and determination and shall submit a single report with
respect to such determination.
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