Rep. Loudermilk: More than just "Check the Box'

Press Release

Rep. Loudermilk (R-GA) issued the following statement after the House Financial Services Committee passed his bill, H.R. 4607- the Comprehensive Regulatory Review Act (CRRA), earlier today:

"One of the problems that exists within federal regulatory agencies is the failure to clean up their regulatory portfolios. Although current law requires periodic reviews of regulations, many agencies still enforce duplicative, outdated, or irrelevant regulations. H.R. 4607 is a bipartisan bill that puts teeth in the Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) by amending the law to ensure that financial regulatory agencies do more than just "check the box' when conducting periodic reviews of their regulations.

"I appreciate the efforts of the bill co-sponsors, Reps Josh Gottheimer (D-NJ) and Sean Duffy (R-WI), to streamline government by eliminating unnecessary regulations that stifle innovation, competition, and economic growth. This bill is a huge step in the right direction."

H.R. 4607

* Requires Economic Growth and Regulatory Paperwork Reduction Act (EGRPRA) of 1996 reviews to be done every 7 years, instead of 10
* Expands EGRPRA reviews to include all regulated institutions, instead of only insured depository institutions
* Expands EGRPRA to include the CFPB in addition to the OCC, Fed, and FDIC
* Codifies the NCUA's participation in EGRPRA, as the NCUA participated in the most recent EGRPRA review voluntarily
* Requires regulators to tailor regulations that they find to be outdated, duplicative, unnecessary, or overly burdensome, instead of only producing a report
o Current law already requires the agencies to eliminate unnecessary regulations. This provision simply adds a tailoring requirement.
* Requires the CFPB to use the findings from its existing 5-year reviews in its EGRPRA reports so the process is not duplicative and does not overlap
* This bill modernizes and improves EGRPRA regulatory reviews

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