Summary
Makes federal financial agencies review the combined effects of their rules every 7 years to find and remove old, duplicative, or harmful regulations.
What problem does this solve?
Federal financial rules can become outdated or too complex, making it hard for people to get loans or other services. This bill requires more frequent and thorough reviews of these rules to identify and remove those that are unnecessary or harmful.
What does this bill do?
More frequent review of regulations
Changes the required review period for all financial regulations from every 10 years to every 7 years.
New requirement for internal review
Adds a new rule that financial agencies must internally review the total impact of all their regulations combined.
Specific criteria for regulation review
Requires the review to check how rules affect consumer access to financial products, credit availability, and the overall economy, and to quantify the costs.
Expanded scope of agency review
Applies the regulation review requirement to all 'Federal financial institutions regulatory agencies', not just federal banking agencies.
Who does this affect?
- Financial institutions (e.g., banks, credit unions)
- Federal financial regulatory agencies
- Consumers and businesses seeking financial services
What is the real world impact?
•
Improves government efficiency
Aims to make financial rules more modern and less burdensome by requiring regular check-ups. This helps get rid of old or confusing rules that make it harder for people and businesses to get loans or other financial help.
When does this start?
This bill would take effect as soon as it is signed into law.