“When I meet with community banks and credit unions across Georgia, I consistently hear of one issue that makes it difficult for them to best serve their customers. Most describe it as the “death by a thousand cuts,” administered by excessive, and often non-applicable or outdated, regulations from federal bureaucracies.
“In the short time I have been in Congress, one truth I have learned is that there are some bureaucrats who never saw a regulation they didn’t like, no matter how outdated, non-relevant or burdensome it may be. The Comprehensive Regulatory Review Act requires financial regulatory agencies to complete a review of their regulations every seven years and identify those regulations that are duplicative, outdated or over-burdensome.
“The CRRA will require these agencies to eliminate, modify or tailor unnecessary regulations every seven years, not just pencil-whip a report to Congress, as is required by the current EGRPRA laws. This bill is about rightsizing government regulators so they are more efficient, effective and up-to-date.”
The Comprehensive Regulatory Review Act:
o Requires EGRPRA (Economic Growth and Regulatory Paperwork Reduction Act) reviews to be done every 7 years instead of every 10
o Expands EGRPRA reviews to include all regulated institutions, not just insured depository institutions
o Expands EGRPRA to include the CFPB in addition to the OCC, Fed, and FDIC
o Codifies the NCUA’s participation in EGRPRA, as the NCUA participated in the most recent EGRPRA review voluntarily
o Requires regulators to tailor regulations that they find to be outdated, unnecessary, or unduly burdensome, instead of just producing a report
o Overall, the bill modernizes and improves the EGRPRA review process to account for the many changes that have taken place since EGRPRA was enacted
Original co-sponsors of this legislation include Rep. Josh Gottheimer (D-NJ) and Rep. Sean Duffy (R-WI).
Rep. Josh
To read the full text of H.R. 4607, click HERE.