How HR 6544 changes current law

Compared against current U.S. Code AI-generated reading aid — verify against the official bill.

The bill modifies existing review procedures for federal financial regulations by changing the frequency, redefining agencies involved, and introducing a comprehensive assessment of regulatory impacts.

• 12 U.S.C. 3311

  appropriate Federal banking agency → Federal financial institutions regulatory agency

  The term used to describe regulatory agencies is updated to encompass a broader category.

• 12 U.S.C. 3311

  once every 10 years → once every 7 years

  The frequency of regulatory reviews is increased from every 10 years to every 7 years.

• 12 U.S.C. 3311

  represented on the Council

  The requirement for agencies to be represented on the Council is removed.

• 12 U.S.C. 3311

  In conducting → (1) Solicitation of public comment.--In conducting

  The section is reorganized to clarify the process of soliciting public comments.

• 12 U.S.C. 3311

  (2) Internal review of cumulative impact.--Each Federal financial institutions regulatory agency shall conduct an internal review of the cumulative impact of regulations issued by the Federal financial institutions regulatory agency that--

  An internal review requirement assessing the cumulative impact of regulations is introduced.

• 12 U.S.C. 3311

  (A) assesses the effects of such regulations on consumers' access to financial products and services;

  Regulations must now be evaluated for their effects on consumer access to financial products.

• 12 U.S.C. 3311

  (B) assesses the effects of such regulations on the availability of financial products and services to financial and nonfinancial firms;

  There is now a requirement to evaluate regulations' effects on the availability of financial services.

• 12 U.S.C. 3311

  (C) assesses the impact of such regulations on credit availability and financial market liquidity in United States financial markets;

  Impact assessments must now include considerations of credit availability and market liquidity.

• 12 U.S.C. 3311

  (D) assesses the balance of benefits and costs of such regulations with respect to the safety and soundness of the United States financial system and overall economic activity in the United States;

  Regulations will be evaluated for their cost-benefit balance concerning financial system safety and economic activity.

• 12 U.S.C. 3311

  (E) to the extent practicable, quantifies the direct and indirect economic costs imposed by such regulations;

  The bill requires quantification of economic costs of regulations where feasible.

• 12 U.S.C. 3311

  (F) includes recommendations to streamline, simplify, or eliminate duplicative, outdated, and unnecessarily burdensome regulations.

  The review will now include recommendations for regulatory improvements such as streamlining.

• 12 U.S.C. 3311

  subsection (b)(2) → subsection (b)(1)(B), and the internal review under subsection (b)(2),

  The review process clarification includes references to both public comment solicitation and internal reviews.

• 12 U.S.C. 3311

  2) a summary of the findings and determinations of each Federal financial institutions regulatory agency of the internal review conducted by the Federal financial institutions regulatory agency under subsection (b)(2); and

  A requirement to summarize findings from the internal review is introduced.

• 12 U.S.C. 3311

  the regulatory burdens associated with such issues by regulation → the regulatory burdens associated with the issues identified by public comments received by the Council and the Federal financial institutions regulatory agencies, as well as the regulatory burdens identified by each Federal financial institutions regulatory agency through the internal reviews conducted under subsection (b)(2), by regulation

  The bill expands the understanding of regulatory burdens to include internal review findings.

• 12 U.S.C. 3311

  f) Federal Financial Institutions Regulatory Agency Defined.--The term `Federal financial institutions regulatory agency' has the meaning given that term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302).

  A definition for 'Federal financial institutions regulatory agency' is added for clarity.