,,ii #aacth ,,congress #b;d ,session ,s4 #bhbi ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #af1 #bjad,mr4 ,wicker introduced the following bill2 which was read twice and referred to the ,committee on ,banking1 ,housing1 and ,urban ,affairs ,a ,,bill ,to require certain financial regulators to determine whether new regulations or orders are duplicative or inconsistent with existing ,federal regulations1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,regulatory ,clarity ,act of #bjad4 #b4 ,federal ,deposit ,insurance ,corporation ,section #i of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahai7 is amended by adding at the end the following3 7c7 ,review of regulations 7#a7 ,in general ,before issuing a final regulation or order the ,corporation shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7#b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,corporation shall evaluate the following3 7,a7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7,b7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7,c7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7,d7 ,whether other ,federal regulations or orders are outdated4 7#c7 ,resolving duplicative or inconsistent regulations or orders ,the ,corporation shall use its bests efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order of the ,corporation with any proposed regulation or order before issuing a final regulation or order4 7#d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,corporation makes a determination under paragraph 7#b71 the ,corporation shall issue a report to the ,congress containing recommendations made by the ,corporation1 including-- 7,a7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7,b7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under paragraph 7#f77;,b774 7#e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection4 7#f7 ,regulation and order defined ,for purposes of this subsection3 7,a7 ,in general ,the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,corporation1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators1 other than the ,corporation4 7,b7 ,federal financial regulators ,the term ,federal financial regulators means the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 the ,commodity ,futures ,trading ,commission1 the ,comptroller of the ,currency1 the ,corporation1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4 4 #c4 ,office of ,comptroller of the ,currency ,section #cbd of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #a7 is amended by adding at the end the following3 7c7 ,review of regulations 7#a7 ,in general ,before issuing a final regulation or order the ,comptroller of the ,currency shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7#b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,comptroller shall evaluate the following3 7,a7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7,b7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7,c7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7,d7 ,whether other ,federal regulations or orders are outdated4 7#c7 ,resolving duplicative or inconsistent regulations or orders ,the ,comptroller shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7#d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,comptroller makes a determination under paragraph 7#b71 the ,comptroller shall issue a report to the ,congress containing recommendations made by the ,comptroller1 including-- 7,a7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7,b7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7#e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection4 7#f7 ,regulation and order defined ,for purposes of this subsection1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,comptroller1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,comptroller4 4 #d4 ,board of ,governors of the ,federal ,reserve ,system ,section #aj of the ,federal ,reserve ,act is amended by inserting before paragraph 7#ab7 the following3 7#aa7 ,review of regulations 7,a7 ,in general ,before issuing a final regulation or order the ,board of ,governors of the ,federal ,reserve ,system shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7,b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,board of ,governors shall evaluate the following3 7i7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7ii7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7iii7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7iv7 ,whether other ,federal regulations or orders are outdated4 7,c7 ,resolving duplicative or inconsistent regulations or orders ,the ,board of ,governors shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7,d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,board of ,governors makes a determination under subparagraph 7,b71 the ,board of ,governors shall issue a report to the ,congress containing recommendations made by the ,board of ,governors1 including-- 7i7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7ii7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7,e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph4 7,f7 ,regulation and order defined ,for purposes of this paragraph1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,board of ,governors1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,board of ,governors4 4 #e4 ,bureau of ,consumer ,financial ,protection ,section #ajbb of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7 is amended by adding at the end the following3 7e7 ,review of regulations 7#a7 ,in general ,before issuing a final regulation or order the ,bureau shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7#b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,bureau shall evaluate the following3 7,a7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7,b7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7,c7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7,d7 ,whether other ,federal regulations or orders are outdated4 7#c7 ,resolving duplicative or inconsistent regulations or orders ,the ,bureau shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7#d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,bureau makes a determination under paragraph 7#b71 the ,bureau shall issue a report to the ,congress containing recommendations made by the ,bureau1 including-- 7,a7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7,b7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7#e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection4 7#f7 ,regulation and order defined ,for purposes of this subsection1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,bureau1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,bureau4 4 #f4 ,national ,credit ,union ,administration ,section #ajb of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb;a7 is amended by adding at the end the following3 7g7 ,review of regulations 7#a7 ,in general ,before issuing a final regulation or order the ,administration shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7#b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,administration shall evaluate the following3 7,a7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7,b7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7,c7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7,d7 ,whether other ,federal regulations or orders are outdated4 7#c7 ,resolving duplicative or inconsistent regulations or orders ,the ,administration shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7#d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,administration makes a determination under paragraph 7#b71 the ,administration shall issue a report to the ,congress containing recommendations made by the ,administration1 including-- 7,a7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7,b7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7#e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection4 7#f7 ,regulation and order defined ,for purposes of this subsection1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,administration1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,administration4 4 #g4 ,securities and ,exchange ,commission ,section #d of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;d7 is amended by adding at the end the following3 7j7 ,review of regulations 7#a7 ,in general ,before issuing a final regulation or order the ,commission shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7#b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,commission shall evaluate the following3 7,a7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7,b7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7,c7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7,d7 ,whether other ,federal regulations or orders are outdated4 7#c7 ,resolving duplicative or inconsistent regulations or orders ,the ,commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7#d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,commission makes a determination under paragraph 7#b71 the ,commission shall issue a report to the ,congress containing recommendations made by the ,commission1 including-- 7,a7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7,b7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7#e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this subsection4 7#f7 ,regulation and order defined ,for purposes of this subsection1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,commission1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,commission4 4 #h4 ,commodity ,futures ,trading ,commission ,section #b7;a7 of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #b7;a77 is amended by adding at the end the following3 7#af7 ,review of regulations 7,a7 ,in general ,before issuing a final regulation or order the ,commission shall1 as part of such regulation or order1 assess other ,federal regulations and orders to determine the interaction between the proposed regulation or order and other ,federal regulations and orders4 7,b7 ,considerations ,in making a determination of the interaction between the proposed regulation or order and other ,federal regulations1 the ,commission shall evaluate the following3 7i7 ,whether the proposed regulation or order is in conflict with other ,federal regulations or orders4 7ii7 ,whether the proposed regulation or order is inconsistent with other ,federal regulations or orders4 7iii7 ,whether the proposed regulation or order is duplicative of other ,federal regulations or orders4 7iv7 ,whether other ,federal regulations or orders are outdated4 7,c7 ,resolving duplicative or inconsistent regulations or orders ,the ,commission shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order4 7,d7 ,report to ,congress ,not later than the end of the #fj-;day period beginning on the date the ,commission makes a determination under subparagraph 7,b71 the ,commission shall issue a report to the ,congress containing recommendations made by the ,commission1 including-- 7i7 any recommendations of ,federal laws or regulations that should be repealed or amended2 and 7ii7 any duplicative1 inconsistent1 or conflicting regulation or order of another ,federal financial regulator 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act74 7,e7 ,limitation on judicial review ,notwithstanding any other provision of law1 a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph4 7,f7 ,regulation and order defined ,for purposes of this paragraph1 the term regulation shall have the meaning given the term rule under section #eea7d7 of title #ca1 ,united ,states ,code1 the term order shall have the meaning given such term by the ,commission1 and the term other ,federal regulations and orders shall mean regulations and orders of the ,federal financial regulators 7as defined under section #i7;c77#f77;,b7 of the ,federal ,deposit ,insurance ,act71 other than the ,commission4 4 #i4 ,treatment of joint rulemakings ,in the case of a joint rulemaking with respect to which an assessment and determination is required pursuant to an amendment made under sections #b through #h of this ,act1 the agencies shall jointly make such assessment and determination and shall submit a single report with respect to such determination4