CFPB Rule Accountability Act of 2016
Latest action · Jun 16, 2016 Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
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.
- IntroducedJun 16, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
CFPB Rule Accountability Act of 2016
This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB), before any federal agency rule may take effect, to publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, identify how the public can access such information online, and report to Congress and to the Government Accountability Office a classification of the rule as a major or nonmajor rule.
Congress must enact a joint resolution of approval of major rules before they may take effect. If a joint resolution of approval is not enacted by the end of 70 session days or legislative days, as applicable, after the CFPB reports on the rule to Congress, the major rule shall be deemed not to be approved and shall not take effect. A major rule may take effect, however, for one 90-calendar day period without such approval if the President determines it is necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agreement.
The bill prescribes the congressional approval procedure for major rules and the congressional disapproval procedure for nonmajor rules.
A joint resolution addressing a report classifying a rule as a major rule must be introduced within three legislative days in the House of Representative and three session days in the Senate. No amendments to such a joint resolution shall be permitted at any stage of the legislative process. The bill prescribes a procedure for expedited consideration of a joint resolution of approval, requiring a vote on the resolution in the Senate within 15 session days after it is reported by the committee to which it was referred, or after the committee has been discharged from further consideration of it.
A court may review whether an agency has completed the necessary requirements under this bill for a rule to take effect. No determination, finding, action, or omission under this bill shall be subject to judicial review.
The Balanced Budget and Emergency Deficit Control Act of 1985 is amended to provide that any congressional approval procedure set forth in this bill affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with this Act.
Cosponsors 2
Members who signed on, in the order they did. All signed on Jul 6, 2016.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-KY | Andy Barr | Jul 6, 2016 | |
| R-WI | Sean P. Duffy | Jul 6, 2016 |
Committees 3
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Jun 16, 2016 |
| House | Rules Committee | Referred Jun 16, 2016 |
| House | Budget Committee | Referred Jun 16, 2016 |
Actions 2
Everything that happened, newest first.
- Jun 16, 2016Introduced in House
- Jun 16, 2016Referred to the Committee on Financial Services, and in addition to the Committees on Rules, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 96, June 16, 2016, page H3968.
Related bills 4
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 226 | Regulations From the Executive in Need of Scrutiny Act of 2015 | Related bill | Jan 21, 2015 |
| HR 427 | Regulations from the Executive in Need of Scrutiny Act of 2015 | Related bill | Dec 2, 2015 |
| HR 3056 | Stop the EPA Act of 2015 | Related bill | Jul 29, 2015 |
| HR 5983 | Financial CHOICE Act of 2016 | Related bill | Dec 20, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To amend the Consumer Financial Protection Act of 2010 to require congressional review of rulemaking of the Bureau of Consumer Financial Protection, and for other purposes.
- Short Titles as Introduced
- CFPB Rule Accountability Act of 2016
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Advanced technology and technological innovations
- Business investment and capital
- Competition and antitrust
- Competitiveness, trade promotion, trade deficits
- Congressional oversight
- Consumer Financial Protection Bureau
- Economic performance and conditions
- Finance and Financial Sector
- Financial services and investments
- Industrial policy and productivity
- Inflation and prices
- Judicial review and appeals
- Legislative rules and procedure
- Unemployment
Text 1
Each version as it was printed, newest first.
- Jun 16, 2016Introduced in House
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
