119-hr2183

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2183 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 2183

 To amend the Consumer Financial Protection Act of 2010 to update the 
 purpose of the Bureau of Consumer Financial Protection, and for other 
 purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 March 18, 2025

 Mr. Emmer introduced the following bill; which was referred to the 
 Committee on Financial Services

_______________________________________________________________________

 A BILL

 To amend the Consumer Financial Protection Act of 2010 to update the 
 purpose of the Bureau of Consumer Financial Protection, 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 ``CFPB Dual Mandate and Economic 
Analysis Act''.

SEC. 2. PURPOSE.

 

Section 1021

    (a) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5511

    (a) ) is amended--

    (1) by striking ``fair, transparent, and competitive'' and 
 inserting: ``fair and transparent''; and

    (2) by adding at the end the following: ``In addition, the 
 Bureau shall seek to implement and, where applicable, enforce 
 Federal consumer financial law consistently for the purpose of 
 strengthening private sector participation in markets, without 
 Government interference or subsidies, to increase competition 
 and enhance consumer choice.''.

SEC. 3. OFFICE OF ECONOMIC ANALYSIS.

    (a) In General.--

Section 1013 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5493) is amended by adding at the end the 
following:
 ``
            (i) Office of Economic Analysis.--
 ``

    (1) Establishment.--The Director shall establish an 
 Office of Economic Analysis.
 ``

    (2) Review and assessment of proposed guidance, orders, 
 rules and regulations.--The Office of Economic Analysis shall--
 ``
        (A) review all proposed guidance, orders, rules 
 and regulations of the Bureau;
 ``
        (B) assess the impact of such guidance, orders, 
 rules and regulations on consumer choice, price, and 
 access to credit products; and
 ``
            (C) publish a report on such reviews and 
 assessments in the Federal Register.
 ``

    (3) Measuring existing rules, regulations, guidance, and 
 orders.--The Office of Economic Analysis shall--
 ``
        (A) review each rule, regulation, guidance, and 
 order issued by the Bureau after 1, 2, 5, and 10 years;
 ``
        (B) measure the rule, regulation, guidance, or 
 order's success in solving the problem that the rule, 
 regulation, guidance, or order was intended to solve 
 when issued; and
 ``
            (C) publish a report on such review and 
 measurement in the Federal Register.''.

    (b) Consideration of Review and Assessment; Rulemaking 
Requirements.--

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:
 ``

    (5) Consideration of review and assessment by the office 
 of economic analysis.--
 ``
        (A) In general.--Before issuing any guidance, 
 order, rule, or regulation, the Director shall consider 
 the review and assessment of such guidance, order, 
 rule, or regulation carried out by the Office of 
 Economic Analysis.
 ``
        (B) Notice of disagreement.--If the Director 
 disagrees with any part of a review and assessment 
 described under subparagraph
        (A) with respect to any 
 guidance, order, rule, or regulation, the Director 
 shall accompany any such guidance, order, rule, or 
 regulation with a statement explaining why the Director 
 so disagrees.
 ``

    (6) Identification of problems and metrics for judging 
 success.--
 ``
        (A) In general.--The Director shall, in each 
 proposed rulemaking of the Bureau--
 ``
            (i) identify the problem that the 
 particular rule or regulations is seeking to 
 solve; and
 ``
            (ii) specify the metrics by which the 
 Bureau will measure the success of the rule or 
 regulation in solving such problem.
 ``
        (B) Required metrics.--The metrics specified 
 under subparagraph
        (A)
            (ii) shall include a measurement 
 of changes to consumer access to, and cost of, consumer 
 financial products and services.''.
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