Press Releases

Rep. Barry Loudermilk (R-GA) today issued the following statement regarding House passage of the Comprehensive Regulatory Review Act (H.R. 4607):


Video Transcription:

“I introduced the Comprehensive Regulatory Review Act because the consistent message I’m hearing from financial institutions back home, especially the small community banks and credit unions, is they are overburdened with regulatory paperwork – much of which is outdated or not applicable to their industries. They describe the impact it has on their business as ‘death by a thousand cuts.’ This bipartisan piece of legislation will require these regulatory agencies to do a review of all their regulatory portfolios every seven years, instead of once a decade as they are doing now. It also requires them to remove any outdated regulations and tailor other regulations to actually fit industries they are overseeing.”

H.R. 4607

• Amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to expand the required comprehensive review of financial regulatory requirements.
• The review must be performed at least every 7, rather than 10, years.
• After performing the review, a regulator must consider tailoring regulations to limit specified burdens.
• The bill specifies information and criteria the CFPB must use when conducting its review.

H.R. 4607 passed the House by a bipartisan vote of 264-143.