119-hr2331

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2331 Introduced in House

    (IH) ]

<DOC>

119th CONGRESS
 1st Session
 H. R. 2331

To enhance rulemaking requirements for the Bureau of Consumer Financial 
 Protection, and for other purposes.

_______________________________________________________________________

 IN THE HOUSE OF REPRESENTATIVES

 March 25, 2025

 Mr. Loudermilk (for himself and Mr. Barr) introduced the following 
 bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

 A BILL

To enhance rulemaking requirements for 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 ``Transparency in CFPB Cost-Benefit 
Analysis Act''.

SEC. 2. TRANSPARENCY IN COST-BENEFIT ANALYSIS.

 

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) Additional rulemaking requirements.--
 ``
        (A) In general.--Each notice of proposed 
 rulemaking issued by the Bureau shall be published in 
 its entirety in the Federal Register and shall 
 include--
 ``
            (i) a statement of the need for the 
 proposed regulation;
 ``
            (ii) an examination of why the Bureau 
 must undertake the proposed regulation and why 
 the private market, State, local, or tribal 
 authorities cannot adequately address the 
 problem;
 ``
            (iii) an examination of whether the 
 proposed regulation is duplicative, 
 inconsistent, or incompatible with other 
 Federal regulations and orders;
 ``
            (iv) if the proposed regulation is found 
 to be duplicative, inconsistent, or 
 incompatible with other Federal regulations and 
 orders, a discussion of--
 ``
            (I) why the proposed regulation 
 is justified;
 ``
            (II) how the proposed regulation 
 can coexist with the existing 
 regulations; and
 ``
            (III) how the Bureau plans to 
 reduce the regulatory burden associated 
 with the duplicative, inconsistent, or 
 incompatible proposed regulation;
 ``
            (v) a quantitative and qualitative 
 assessment of all anticipated direct and 
 indirect costs and benefits of the proposed 
 regulation, including--
 ``
            (I) compliance costs for all 
 regulated entities, including small 
 businesses;
 ``
            (II) effects on economic 
 activity, efficiency, competition and 
 capital formation;
 ``
            (III) regulatory and 
 administrative costs of implementation; 
 and
 ``
            (IV) costs imposed on State, 
 local and tribal entities;
 ``
            (vi) an identification of reasonable 
 alternatives to the regulation, including 
 modification of an existing regulation;
 ``
            (vii) an analysis of the costs and 
 benefits, both quantitative and qualitative, of 
 any alternative identified pursuant to clause
            (v) ;
 ``
            (viii) if the Bureau determines the 
 proposed regulation would increase costs for 
 small businesses, then the Bureau shall consult 
 the Office of Advocacy within the Small 
 Business Administration to determine ways to 
 minimize the effect of direct and indirect 
 costs imposed on small businesses by the 
 proposed regulation;
 ``
            (ix) if quantified net benefits of the 
 proposed action do not outweigh the quantified 
 net benefits of the alternatives, a 
 justification of the regulation;
 ``
            (x) if quantified benefits identified 
 pursuant to clause
            (iv) do not outweigh the 
 quantified costs of the regulation, a 
 justification of the regulation;
 ``
            (xi) an assessment of how the burden 
 imposed by the regulation will be distributed; 
 including whether consumers, or small 
 businesses will be disproportionately burdened; 
 and
 ``
            (xii) when feasible, and using 
 appropriate statistical techniques, a 
 probability distribution of the relevant 
 outcomes of the proposed regulation.
 ``
        (B) Assumptions and studies used.--With respect 
 to the information required to be included under 
 subparagraph
        (A) , the Bureau will include--
 ``
            (i) a discussion of underlying 
 assumptions used as a basis for such 
 information; and
 ``
            (ii) a description of any studies or data 
 used in preparing such information, and whether 
 such studies were peer-reviewed.''.
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