House Financial
Institutions Subcommittee Chair Shelley Moore Capito (R-WV) and Ranking Member Gregory
Meeks (D-NY) are circulating a discussion draft of bi-partisan legislation that
would ensure that conflicting, inconsistent, duplicative or outdated regulations
are regularly identified and addressed in order to reduce unwarranted regulatory
burdens on financial institutions. The legislation would provide that, before
issuing a rule or order, the SEC, the CFTC, the FDIC, the OCC, the CFPB and the
Federal Reserve Board would be required
to consider the interaction between the proposed rule or order and existing federal
regulations and orders, with a specific focus on whether the rule or order is
in conflict with, inconsistent with, or duplicative of existing federal
regulations and orders; and whether existing federal regulations and orders are
outdated.
Under the measure,
regulators would be required to take all available measures to resolve any
duplicative or inconsistent existing regulation or order before issuing a final
regulation or order. Finally, each regulator would be required to submit to
Congress, within 60 days of making a determination, a report with
recommendations of any federal laws or regulations that should be repealed or
amended in order to resolve conflicting, inconsistent, duplicative or outdated
laws and regulations