Financial Regulatory Responsibility Act of 2013
Latest action · Mar 5, 2013 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 5, 2013
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Financial Regulatory Responsibility Act of 2013 - Prohibits a federal financial regulatory agency from issuing notices of proposed or final rulemakings unless specified analyses have been included in them.
Prohibits an agency from publishing a notice of final rulemaking if it determines that the quantified costs are greater than the quantified benefits.
Requires an agency to make available on its public website sufficient information about the data, methodologies, and assumptions underlying its analyses so that its analytical results are capable of being substantially reproduced.
Requires the chief economist of an agency, within five years after publication in the Federal Register of a notice of final rulemaking, to report to certain congressional committees on the economic impact of the subject regulation, including its direct and indirect costs and benefits.
Requires each federal agency to develop, report to certain congressional committees, and post on its public website a plan to modify, streamline, expand, or repeal existing regulations so as to make the agency's regulatory program more effective or less burdensome in achieving its regulatory objectives.
Authorizes judicial review for a person adversely affected or aggrieved by a regulation.
Establishes the Chief Economists Council to report to certain congressional committees on activities of the financial regulatory agencies.
Requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to report separately to certain congressional committees their plans for subjecting to the requirements of this Act the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and registered national securities associations on the one hand, and registered futures associations on the other.
Cosponsors 6
Members who signed on, in the order they did. Signatures ran from Mar 5, 2013 to May 21, 2013, with 3 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NE | Mike Johanns | Original | Mar 5, 2013 |
| R-ID | Mike Crapo | Original | Mar 5, 2013 |
| R-GA | Saxby Chambliss | Original | Mar 5, 2013 |
| R-NV | Dean Heller | Apr 10, 2013 | |
| R-OK | James M. Inhofe | Apr 15, 2013 | |
| R-TX | John Cornyn | May 21, 2013 |
Actions 2
Everything that happened, newest first.
- Mar 5, 2013Introduced in Senate
- Mar 5, 2013Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Banking and financial institutions regulation
- Commodity Futures Trading Commission
- Congressional oversight
- Consumer Financial Protection Bureau
- Department of the Treasury
- Economic performance and conditions
- Economic theory
- Executive agency funding and structure
- Federal Deposit Insurance Corporation (FDIC)
- Federal Housing Finance Agency
- Federal Reserve System
- Finance and Financial Sector
- Financial Stability Oversight Council
- Government information and archives
- Judicial review and appeals
- National Credit Union Administration
- Securities and Exchange Commission (SEC)
Text 1
Each version as it was printed, newest first.
- Mar 5, 2013Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.