,,ii  #aacth ,,congress  #ast ,session  
,s4 #dej  ,,in ,,the ,,senate ,,of ,,the
 ,,united ,,states  ,march #e1 #bjac    
,mr4 ,shelby 7for himself1 ,mr4         
,chambliss1 ,mr4 ,crapo1 and ,mr4       
,johanns7 introduced the following bill2
 which was read twice and referred to   
the ,committee on ,banking1 ,housing1   
and ,urban ,affairs  ,a ,,bill  ,to     
require enhanced economic analysis and  
justification of regulations proposed by
 certain ,federal banking1 housing1     
securities1 and commodity regulators1   
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,financial ,regulatory ,responsibility  
,act of #bjac4  #b4 ,definitions ,as    
used in this ,act--  7#a7 the term      
agency means the ,board of ,governors of
 the ,federal ,reserve ,system1 the     
,bureau of ,consumer ,financial         
,protection1 the ,commodity ,futures    
,trading ,commission1 the ,federal      
,deposit ,insurance ,corporation1 the   
,federal ,housing ,finance ,agency1 the 

,financial ,stability ,oversight        
,council1 the ,office of the            
,comptroller of the ,currency1 the      
,office of ,financial ,research1 the    
,national ,credit ,union                
,administration1 and the ,securities and
 ,exchange ,commission2  7#b7 the term  
chief economist means--  7,a7 with      
respect to the ,board of ,governors of  
the ,federal ,reserve ,system1 the      
,director of the ,division of ,research 
and ,statistics1 or an employee of the  
agency with comparable authority2  7,b7 
with respect to the ,bureau of ,consumer
 ,financial ,protection1 the ,assistant 
,director for ,research1 or an employee 
of the agency with comparable authority2
  7,c7 with respect to the ,commodity   
,futures ,trading ,commission1 the      
,chief ,economist1 or an employee of the
 agency with comparable authority2  7,d7
 with respect to the ,federal ,deposit  
,insurance ,corporation1 the ,director  
of the ,division of ,insurance and      
,research1 or an employee of the agency 

with comparable authority2  7,e7 with   
respect to the ,federal ,housing        
,finance ,agency1 the ,chief ,economist1
 or an employee of the agency with      
comparable authority2  7,f7 with respect
 to the ,financial ,stability ,oversight
 ,council1 the ,chief ,economist1 or an 
employee of the agency with comparable  
authority2  7,g7 with respect to the    
,office of the ,comptroller of the      
,currency1 the ,director for ,policy    
,analysis1 or an employee of the agency 
with comparable authority2  7,h7 with   
respect to the ,office of ,financial    
,research1 the ,director1 or an employee
 of the agency with comparable          
authority2  7,i7 with respect to the    
,national ,credit ,union                
,administration1 the ,chief ,economist1 
or an employee of the agency with       
comparable authority2 and  7,j7 with    
respect to the ,securities and ,exchange
 ,commission1 the ,director of the      
,division of ,risk1 ,strategy1 and      
,financial ,innovation1 or an employee  

of the agency with comparable authority2
  7#c7 the term ,council means the      
,chief ,economists ,council established 
under section #i2 and  7#d7 the term    
regulation--  7,a7 means an agency      
statement of general applicability and  
future effect that is designed to       
implement1 interpret1 or prescribe law  
or policy or to describe the procedure  
or practice requirements of an agency1  
including rules1 orders of general      
applicability1 interpretive releases1   
and other statements of general         
applicability that the agency intends to
 have the force and effect of law2  7,b7
 does not include--  7i7 a regulation   
issued in accordance with the formal    
rulemaking provisions of section #eef or
 #eeg of title #e1 ,united ,states      
,code2  7ii7 a regulation that is       
limited to agency organization1         
management1 or personnel matters2  7iii7
 a regulation promulgated pursuant to   
statutory authority that expressly      
prohibits compliance with this          

provision2  7iv7 a regulation that is   
certified by the agency to be an        
emergency action1 if such certification 
is published in the ,federal ,register2 
or  7v7 a regulation that is promulgated
 by the ,board of ,governors of the     
,federal ,reserve ,system or the        
,federal ,open ,market ,committee under 
section #aj;,a1 #aj;,b1 #ac1 #ac;,a1 or 
#ai of the ,federal ,reserve ,act1 or   
any of subsections 7a7 through 7f7 of   
section #ad of that ,act4  #c4 ,required
 regulatory analysis  7a7 ,requirements 
for notices of proposed rulemaking ,an  
agency may not issue a notice of        
proposed rulemaking unless the agency   
includes in the notice of proposed      
rulemaking an analysis that contains1 at
 a minimum1 with respect to each        
regulation that is being proposed--     
7#a7 an identification of the need for  
the regulation and the regulatory       
objective1 including identification of  
the nature and significance of the      
market failure1 regulatory failure1 or  

other problem that necessitates the     
regulation2  7#b7 an explanation of why 
the private market or ,state1 local1 or 
tribal authorities cannot adequately    
address the identified market failure or
 other problem2  7#c7 an analysis of the
 adverse impacts to regulated entities1 
other market participants1 economic     
activity1 or agency effectiveness that  
are engendered by the regulation and the
 magnitude of such adverse impacts2     
7#d7 a quantitative and qualitative     
assessment of all anticipated direct and
 indirect costs and benefits of the     
regulation 7as compared to a benchmark  
that assumes the absence of the         
regulation71 including--  7,a7          
compliance costs2  7,b7 effects on      
economic activity1 net job creation     
7excluding jobs related to ensuring     
compliance with the regulation71        
efficiency1 competition1 and capital    
formation2  7,c7 regulatory             
administrative costs2 and  7,d7 costs   
imposed by the regulation on ,state1    

local1 or tribal governments or other   
regulatory authorities2  7#e7 if        
quantified benefits do not outweigh     
quantitative costs1 a justification for 
the regulation2  7#f7 identification and
 assessment of all available            
alternatives to the regulation1         
including modification of an existing   
regulation or statute1 together with--  
7,a7 an explanation of why the          
regulation meets the objectives of the  
regulation more effectively than the    
alternatives1 and if the agency is      
proposing multiple alternatives1 an     
explanation of why a notice of proposed 
rulemaking1 rather than an advanced     
notice of proposed rulemaking1 is       
appropriate2 and  7,b7 if the regulation
 is not a pilot program1 an explanation 
of why a pilot program is not           
appropriate2  7#g7 if the regulation    
specifies the behavior or manner of     
compliance1 an explanation of why the   
agency did not instead specify          
performance objectives2  7#h7 an        

assessment of how the burden imposed by 
the regulation will be distributed among
 market participants1 including whether 
consumers1 investors1 or small          
businesses will be disproportionately   
burdened2  7#i7 an assessment of the    
extent to which the regulation is       
inconsistent1 incompatible1 or          
duplicative with the existing           
regulations of the agency or those of   
other domestic and international        
regulatory authorities with overlapping 
jurisdiction2  7#aj7 a description of   
any studies1 surveys1 or other data     
relied upon in preparing the analysis2  
7#aa7 an assessment of the degree to    
which the key assumptions underlying the
 analysis are subject to uncertainty2   
and  7#ab7 an explanation of predicted  
changes in market structure and         
infrastructure and in behavior by market
 participants1 including consumers and  
investors1 assuming that they will      
pursue their economic interests4  7b7   
,requirements for notices of final      

rulemaking  7#a7 ,in general            
,notwithstanding any other provision of 
law1 an agency may not issue a notice of
 final rulemaking with respect to a     
regulation unless the agency--  7,a7 has
 issued a notice of proposed rulemaking 
for the relevant regulation2  7,b7 has  
conducted and includes in the notice of 
final rulemaking an analysis that       
contains1 at a minimum1 the elements    
required under subsection 7a72 and  7,c7
 includes in the notice of final        
rulemaking regulatory impact metrics    
selected by the chief economist to be   
used in preparing the report required   
pursuant to section #f4  7#b7           
,consideration of comments ,the agency  
shall incorporate in the elements       
described in paragraph 7#a77;,b7 the    
data and analyses provided to the agency
 by commenters during the comment       
period1 or explain why the data or      
analyses are not being incorporated4    
7#c7 ,comment period ,an agency shall   
not publish a notice of final rulemaking

 with respect to a regulation1 unless   
the agency--  7,a7 has allowed at least 
#ij days from the date of publication in
 the ,federal ,register of the notice of
 proposed rulemaking for the submission 
of public comments2 or  7,b7 includes in
 the notice of final rulemaking an      
explanation of why the agency was not   
able to provide a #ij-;day comment      
period4  7#d7 ,prohibited ,rules  7,a7  
,in general ,an agency may not publish a
 notice of final rulemaking if the      
agency1 in its analysis under paragraph 
7#a77;,b71 determines that the          
quantified costs are greater than the   
quantified benefits under subsection    
7a77#e74  7,b7 ,publication of ,analysis
 ,if the agency is precluded by         
subparagraph 7,a7 from publishing a     
notice of final rulemaking1 the agency  
shall publish in the ,federal ,register 
and on the public website of the agency 
its analysis under paragraph 7#a77;,b71 
and provide the analysis to each ,house 
of ,congress4  7,c7 ,congressional      

waiver ,if the agency is precluded by   
subparagraph 7,a7 from publishing a     
notice of final rulemaking1 ,congress1  
by joint resolution pursuant to the     
procedures set forth for joint          
resolutions in section #hjb of title #e1
 ,united ,states ,code1 may direct the  
agency to publish a notice of final     
rulemaking notwithstanding the          
prohibition contained in subparagraph   
7,a74 ,in applying section #hjb of title
 #e1 ,united ,states ,code1 for purposes
 of this paragraph1 section #hjb7;e77#b7
 shall not apply and the term--  7i7    
joint resolution or joint resolution    
described in subsection 7a7 means only a
 joint resolution introduced during the 
period beginning on the submission or   
publication date and ending #fj days    
thereafter 7excluding days either ,house
 of ,congress is adjourned for more than
 #c days during a session of ,congress71
 the matter after the resolving clause  
of which is as follows3 8,that ,congress
 directs1 notwithstanding the           

prohibition contained in section        
#c7;b77#d77;,a7 of the ,financial       
,regulatory ,responsibility ,act of     
#bjac1 the  to publish the notice of    
final rulemaking for the regulation or  
regulations that were the subject of the
 analysis submitted by the  to ,congress
 on 40 7,the blank spaces being         
appropriately filled in472 and  7ii7    
submission or publication date means--  
7,i7 the date on which the analysis     
under paragraph 7#a77;,b7 is submitted  
to ,congress under paragraph 7#d77;,b72 
or  7,,ii7 if the analysis is submitted 
to ,congress less than #fj session days 
or #fj legislative days before the date 
on which the ,congress adjourns a       
session of ,congress1 the date on which 
the same or succeeding ,congress first  
convenes its next session4  #d4 ,rule of
 construction ,for purposes of the      
,paperwork ,reduction ,act 7#dd         
,u4,s4,c4 #ceja et seq471 obtaining1    
causing to be obtained1 or soliciting   
information for purposes of complying   

with section #c with respect to a       
proposed rulemaking shall not be        
construed to be a collection of         
information1 provided that the agency   
has first issued an advanced notice of  
proposed rulemaking in connection with  
the regulation1 identifies that advanced
 notice of proposed rulemaking in its   
solicitation of information1 and informs
 the person from whom the information is
 obtained or solicited that the         
provision of information is voluntary4  
#e4 ,public availability of data and    
regulatory analysis  7a7 ,in general ,at
 or before the commencement of the      
public comment period with respect to a 
regulation1 the agency shall make       
available on its public website         
sufficient information about the data1  
methodologies1 and assumptions          
underlying the analyses performed       
pursuant to section #c so that the      
analytical results of the agency are    
capable of being substantially          
reproduced1 subject to an acceptable    

degree of imprecision or error4  7b7    
,confidentiality ,the agency shall      
comply with subsection 7a7 in a manner  
that preserves the confidentiality of   
nonpublic information1 including        
confidential trade secrets1 confidential
 commercial or financial information1   
and confidential information about      
positions1 transactions1 or business    
practices4  #f4 ,five-year regulatory   
impact analysis  7a7 ,in general ,not   
later than #e years after the date of   
publication in the ,federal ,register of
 a notice of final rulemaking1 the chief
 economist of the agency shall issue a  
report that examines the economic impact
 of the subject regulation1 including   
the direct and indirect costs and       
benefits of the regulation4  7b7        
,regulatory impact metrics ,in preparing
 the report required by subsection 7a71 
the chief economist shall employ the    
regulatory impact metrics included in   
the notice of final rulemaking pursuant 
to section #c7;b77#a77;,c74  7c7        

,reproducibility ,the report shall      
include the data1 methodologies1 and    
assumptions underlying the evaluation so
 that the agency's analytical results   
are capable of being substantially      
reproduced1 subject to an acceptable    
degree of imprecision or error4  7d7    
,confidentiality ,the agency shall      
comply with subsection 7c7 in a manner  
that preserves the confidentiality of   
nonpublic information1 including        
confidential trade secrets1 confidential
 commercial or financial information1   
and confidential information about      
positions1 transactions1 or business    
practices4  7e7 ,report ,the agency     
shall submit the report required by     
subsection 7a7 to the ,committee on     
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate and the ,committee on    
,financial ,services of the ,house of   
,representatives and post it on the     
public website of the agency4 ,the      
,commodity ,futures ,trading ,commission
 shall also submit its report to the    

,committee on ,agriculture1 ,nutrition1 
and ,forestry of the ,senate and the    
,committee on ,agriculture of the ,house
 of ,representatives4  #g4              
,retrospective review of existing rules 
7a7 ,regulatory improvement plan ,not   
later than #a year after the date of    
enactment of this ,act and every #e     
years thereafter1 each agency shall     
develop1 submit to the ,committee on    
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate and the ,committee on    
,financial ,services of the ,house of   
,representatives1 and post on the public
 website of the agency a plan1          
consistent with law and its resources   
and regulatory priorities1 under which  
the agency will modify1 streamline1     
expand1 or repeal existing regulations  
so as to make the regulatory program of 
the agency more effective or less       
burdensome in achieving the regulatory  
objectives4 ,the ,commodity ,futures    
,trading ,commission shall also submit  
its plan to the ,committee on           

,agriculture1 ,nutrition1 and ,forestry 
of the ,senate and the ,committee on    
,agriculture of the ,house of           
,representatives4  7b7 ,implementation  
progress report ,two years after the    
date of submission of each plan required
 under subsection 7a71 each agency shall
 develop1 submit to the ,committee on   
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate and the ,committee on    
,financial ,services of the ,house of   
,representatives1 and post on the public
 website of the agency a report of the  
steps that it has taken to implement the
 plan1 steps that remain to be taken to 
implement the plan1 and1 if any parts of
 the plan will not be implemented1      
reasons for not implementing those parts
 of the plan4 ,the ,commodity ,futures  
,trading ,commission shall also submit  
its plan to the ,committee on           
,agriculture1 ,nutrition1 and ,forestry 
of the ,senate and the ,committee on    
,agriculture of the ,house of           
,representatives4  #h4 ,judicial review 

7a7 ,in general ,notwithstanding any    
other provision of law1 during the      
period beginning on the date on which a 
notice of final rulemaking for a        
regulation is published in the ,federal 
,register and ending #a year later1 a   
person that is adversely affected or    
aggrieved by the regulation is entitled 
to bring an action in the ,united       
,states ,court of ,appeals for the      
,district of ,columbia ,circuit for     
judicial review of agency compliance    
with the requirements of section #c4    
7b7 ,stay ,the court may stay the       
effective date of the regulation or any 
provision thereof4  7c7 ,relief ,if the 
court finds that an agency has not      
complied with the requirements of       
section #c1 the court shall vacate the  
subject regulation1 unless the agency   
shows by clear and convincing evidence  
that vacating the regulation would      
result in irreparable harm4 ,nothing in 
this section affects other limitations  
on judicial review or the power or duty 

of the court to dismiss any action or   
deny relief on any other appropriate    
legal or equitable ground4  #i4 ,chief  
,economists ,council  7a7 ,establishment
 ,there is established the ,chief       
,economists ,council4  7b7 ,membership  
,the ,council shall consist of the chief
 economist of each agency4 ,the members 
of the ,council shall select the first  
chairperson of the ,council4 ,thereafter
 the position of ,chairperson shall     
rotate annually among the members of the
 ,council4  7c7 ,meetings ,the ,council 
shall meet at the call of the           
,chairperson1 but not less frequently   
than quarterly4  7d7 ,report ,one year  
after the effective date of this ,act   
and annually thereafter1 the ,council   
shall prepare and submit to the         
,committee on ,banking1 ,housing1 and   
,urban ,affairs and the ,committee on   
,agriculture1 ,nutrition1 and ,forestry 
of the ,senate and the ,committee on    
,financial ,services and the ,committee 
on ,agriculture of the ,house of        

,representatives a report on--  7#a7 the
 benefits and costs of regulations      
adopted by the agencies during the past 
#ab months2  7#b7 the regulatory actions
 planned by the agencies for the        
upcoming #ab months2  7#c7 the          
cumulative effect of the existing       
regulations of the agencies on economic 
activity1 innovation1 international     
competitiveness of entities regulated by
 the agencies1 and net job creation     
7excluding jobs related to ensuring     
compliance with the regulation72  7#d7  
the training and qualifications of the  
persons who prepared the cost-benefit   
analyses of each agency during the past 
#ab months2  7#e7 the sufficiency of the
 resources available to the chief       
economists during the past #ab months   
for the conduct of the activities       
required by this ,act2 and  7#f7        
recommendations for legislative or      
regulatory action to enhance the        
efficiency and effectiveness of         
financial regulation in the ,united     

,states4  #aj4 ,conforming amendments   
,section #ae7;a7 of the ,commodity      
,exchange ,act 7#g ,u4,s4,c4 #ai7;a77 is
 amended--  7#a7 by striking paragraph  
7#a72  7#b7 in paragraph 7#b71 by       
striking 7#b7 and all that follows      
through light of-- and inserting the    
following3  7#a7 ,considerations ,before
 promulgating a regulation under this   
chapter or issuing an order 7except as  
provided in paragraph 7#b771 the        
,commission shall take into             
consideration--  2  7#c7 in paragraph   
7#a71 as so redesignated--  7,a7 in     
subparagraph 7,b71 by striking futures  
and inserting the relevant2  7,b7 in    
subparagraph 7,c71 by adding and at the 
end2  7,c7 in subparagraph 7,d71 by     
striking and at the end2 and  7,d7 by   
striking subparagraph 7,e72 and  7#d7 by
 redesignating paragraph 7#c7 as        
paragraph 7#b74  #aa4 ,other regulatory 
entities  7a7 ,securities and exchange  
commission ,not later than #a year after
 the date of enactment of this ,act1 the

 ,securities and ,exchange ,commission  
shall provide to the ,committee on      
,banking1 ,housing1 and ,urban ,affairs 
of the ,senate and the ,committee on    
,financial ,services of the ,house of   
,representatives a report setting forth 
a plan for subjecting the ,public       
,company ,accounting ,oversight ,board1 
the ,municipal ,securities ,rulemaking  
,board1 and any national securities     
association registered under section    
#ae;,a of the ,securities ,exchange ,act
 of #aicd 7#ae ,u4,s4,c4 #gho-#d7;a77 to
 the requirements of this ,act1 other   
than direct representation on the       
,council4  7b7 ,commodity futures       
trading commission ,not later than #a   
year after the date of enactment of this
 ,act1 the ,commodity ,futures ,trading 
,commission shall provide to the        
,committee on ,banking1 ,housing1 and   
,urban ,affairs of the ,senate1 the     
,committee on ,financial ,services of   
the ,house of ,representatives1 the     
,committee on ,agriculture1 ,nutrition1 

and ,forestry of the ,senate1 and the   
,committee on ,agriculture of the ,house
 of ,representatives a report setting   
forth a plan for subjecting any futures 
association registered under section #ag
 of the ,commodity ,exchange ,act 7#g   
,u4,s4,c4 #ba7 to the requirements of   
this ,act1 other than direct            
representation on the ,council4  #ab4   
,avoidance of duplicative or unnecessary
 analyses ,an agency may perform the    
analyses required by this ,act in       
conjunction with1 or as a part of1 any  
other agenda or analysis required by any
 other provision of law1 if such other  
analysis satisfies the provisions this  
,act4  #ac4 ,severability ,if any       
provision of this ,act or the           
application of any provision of this    
,act to any person or circumstance1 is  
held invalid1 the application of such   
provision to other persons or           
circumstances1 and the remainder of this
 ,act1 shall not be affected thereby4