,i #aagth ,,congress #ast ,session ,h4 ,r4 #dbcb ,,in ,,the ,,house ,,of ,,representatives ,june #bi1 #bjba,mr4 ,mooney 7for himself and ,mr4 ,luetkemeyer7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committee on ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to require financial regulatory agencies to annually review guidance issued1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,financial ,guidance ,review ,act of #bjba4 #b4 ,annual review of guidance 7a7 ,office of the ,comptroller of the ,currency ,chapter #i of title ,,vii of the ,revised ,statutes of the ,united ,states 7#ab ,u4,s4,c4 #a et seq47 is amended by inserting after section #ccc the following new section3 #ccc;,a4 ,annual review of guidance 7a7 ,in general ,the ,comptroller of the ,currency shall conduct an annual review of guidance issued by the ,comptroller during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,comptroller shall-- 7#a7 submit to ,congress a report including the results of the review2 and 7#b7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 7#c7 publish on a publicly available website of the ,comptroller a notice of any revocation made under paragraph 7#b74 7b7 ,first review ,the first such review conducted under this section shall include any guidance issued by the ,comptroller in effect on the date such review is conducted4 7c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,comptroller1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7#a7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7#b7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7#c7 a rule of agency organization1 procedure1 or practice2 7#d7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7#e7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7b7 ,board of ,governors of the ,federal ,reserve ,system ,section #b;,b of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #bbe;b7 is amended by adding at the end the following new subsection3 7d7 ,annual review of guidance 7#a7 ,in general ,the ,board shall conduct an annual review of guidance issued by the ,board during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,board shall-- 7,a7 submit to ,congress a report including the results of the review2 7,b7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7,c7 publish on a publicly available website of the ,board a notice of any revocation made under subparagraph 7,b74 7#b7 ,first review ,the first such review conducted under this subsection shall include any guidance issued by the ,board in effect on the date such review is conducted4 7#c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,board1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7,a7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7,b7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7,c7 a rule of agency organization1 procedure1 or practice2 7,d7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7,e7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7c7 ,national ,credit ,union ,administration ,title ,i of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb et seq47 is amended by adding at the end the following new section3 #acb4 ,annual review of guidance 7a7 ,in general ,the ,board shall conduct an annual review of guidance issued by the ,board during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,board shall-- 7#a7 submit to ,congress a report including the results of the review2 7#b7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7#c7 publish on a publicly available website of the ,board a notice of any revocation made under paragraph 7#b74 7b7 ,first review ,the first such review conducted under this section shall include any guidance issued by the ,board in effect on the date such review is conducted4 7c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,board1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7#a7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7#b7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7#c7 a rule of agency organization1 procedure1 or practice2 7#d7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7#e7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7d7 ,federal ,deposit ,insurance ,corporation ,section #ag of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7 is amended by adding at the end the following new subsection3 7h7 ,annual review of guidance 7#a7 ,in general ,the ,corporation shall conduct an annual review of guidance issued by the ,corporation during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,corporation shall-- 7,a7 submit to ,congress a report including the results of the review2 7,b7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7,c7 publish on a publicly available website of the ,corporation a notice of any revocation made under subparagraph 7,b74 7#b7 ,first review ,the first such review conducted under this subsection shall include any guidance issued by the ,corporation in effect on the date such review is conducted4 7#c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,corporation1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7,a7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7,b7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7,c7 a rule of agency organization1 procedure1 or practice2 7,d7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7,e7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7e7 ,bureau of ,consumer ,financial ,protection ,section #ajbb7;b7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeab7;b77 is amended by adding at the end the following new paragraph3 7#e7 ,annual review of guidance 7,a7 ,in general ,the ,director of the ,bureau shall conduct an annual review of guidance issued by the ,bureau during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,director shall-- 7i7 submit to ,congress a report including the results of the review2 7ii7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7iii7 publish on a publicly available website of the ,bureau a notice of any revocation made under clause 7ii74 7,b7 ,first review ,the first such review conducted under this paragraph shall include any guidance issued by the ,director in effect on the date such review is conducted4 7,c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,director of the ,bureau1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7i7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7ii7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7iii7 a rule of agency organization1 procedure1 or practice2 7iv7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7v7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7f7 ,securities ,exchange ,commission ,section #bc of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghw7 is amended by adding at the end the following new subsection3 7e7 ,annual review of guidance 7#a7 ,in general ,the ,commission shall conduct an annual review of guidance issued by the ,commission during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,commission shall-- 7,a7 submit to ,congress a report including the results of the review2 7,b7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7,c7 publish on a publicly available website of the ,commission a notice of any revocation made under subparagraph 7,b74 7#b7 ,first review ,the first such review conducted under this subsection shall include any guidance issued by the ,commission in effect on the date such review is conducted4 7#c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,commission1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7,a7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7,b7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7,c7 a rule of agency organization1 procedure1 or practice2 7,d7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7,e7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4 7g7 ,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 following new paragraph3 7#af7 ,annual review of guidance 7,a7 ,in general ,the ,commission shall conduct an annual review of guidance issued by the ,commission during the preceding calendar year to identify if any such guidance may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj4 ,not later than #f months after the completion of such review1 the ,commission shall-- 7i7 submit to ,congress a report including the results of the review2 7ii7 revoke any such guidance that may reasonably be anticipated to have an annual economic effect greater than or equal to #ajj1jjj1jjj2 and 7iii7 publish on a publicly available website of the ,commission a notice of any revocation made under clause 7ii74 7,b7 ,first review ,the first such review conducted under this paragraph shall include any guidance issued by the ,commission in effect on the date such review is conducted4 7,c7 ,guidance defined ,the term guidance means statement of general applicability issued by the ,commission1 intended to have a future effect on the behavior of regulated persons1 that sets forth a policy on a statutory1 regulatory1 or technical issue1 or an interpretation of a statute or regulation1 and does not include-- 7i7 a rule1 as defined in section #eea of title #e1 ,united ,states ,code1 promulgated pursuant to notice and comment under section #eec such title2 7ii7 a rule exempt from rulemaking requirements under subsection 7a7 or 7b77#c77;,b7 of section #eec of such title2 7iii7 a rule of agency organization1 procedure1 or practice2 7iv7 a decision of an agency adjudication under section #eed of such title or any similar statutory provision2 or 7v7 internal guidance directed to the issuing agency or other agency that is not intended to have a substantial future effect on the behavior of regulated persons4 4