House to Regulators: Cut the Duplicative and Outdated Rules (H.R. 4466)

What is H.R. 4466?

(Updated January 31, 2017)

This bill deals with checking to see whether newly proposed orders or regulations from a number of different financial regulation entities are duplicative and/or outdated. If these regulatory entities find that a rule is not up to date or overlaps with another rule that entity is to submit a report to Congress making recommendations for repealing or amending any conflicting, inconsistent, duplicative, or outdated laws or regulations within 60 days of a proposed rulemaking. The affected regulating entities are: the Consumer Financial Protection Bureau, the Federal Reserve Board of Governors, the National Credit Union Administration (NCUA), the Federal Deposit Insurance Corporation (FDIC), Securities and Exchange Commission (SEC), the Office of the Comptroller of the Currency (OCC), and the Commodity Futures Trading Commission (CFTC). 

Argument in favor

Would help to ensure that proposed financial regulations are put forward in a thoughtful manner that takes into account existing regulations.

Argument opposed

Potentially costly to taxpayers due to a likely climb in labor at seven different regulatory entities, in order to self-analyze on a deadline.

Impact

The bill impacts seven different regulatory entities that provide oversight of U.S. financial markets.

Cost of H.R. 4466

A CBO cost is currently unavailable.

Additional Info

(Photo Credit: Mendoza College of Business)