H.R. 2489

[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2489 Introduced in House (IH)]

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118th CONGRESS
1st Session
H. R. 2489

To amend the Consumer Financial Protection Act of 2010 to update the 
purpose of the Bureau of Consumer Financial Protection, and for other 
purposes.

_______________________________________________________________________

IN THE HOUSE OF REPRESENTATIVES

April 6, 2023

Mr. Emmer (for himself, Mr. Donalds, Mr. Luetkemeyer, Mr. Meuser, Mr. 
Norman, Mr. Posey, and Mr. Williams of Texas) introduced the following 
bill; which was referred to the Committee on Financial Services

_______________________________________________________________________

A BILL

To amend the Consumer Financial Protection Act of 2010 to update the 
purpose of the Bureau of Consumer Financial Protection, and for other 
purposes.

Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``CFPB Dual Mandate and Economic 
Analysis Act''.

SEC. 2. PURPOSE.

Section 1021(a) of the Consumer Financial Protection Act of 2010 
(12 U.S.C. 5511(a)) is amended--
(1) by striking ``fair, transparent, and competitive'' and 
inserting: ``fair and transparent''; and
(2) by adding at the end the following: ``In addition, the 
Bureau shall seek to implement and, where applicable, enforce 
Federal consumer financial law consistently for the purpose of 
strengthening private sector participation in markets, without 
Government interference or subsidies, to increase competition 
and enhance consumer choice.''.

SEC. 3. OFFICE OF ECONOMIC ANALYSIS.

(a) In General.--Section 1013 of the Consumer Financial Protection 
Act of 2010 (12 U.S.C. 5493) is amended by adding at the end the 
following:
``(i) Office of Economic Analysis.--
``(1) Establishment.--The Director shall establish an 
Office of Economic Analysis.
``(2) Review and assessment of proposed guidance, orders, 
rules and regulations.--The Office of Economic Analysis shall--
``(A) review all proposed guidance, orders, rules 
and regulations of the Bureau;
``(B) assess the impact of such guidance, orders, 
rules and regulations on consumer choice, price, and 
access to credit products; and
``(C) publish a report on such reviews and 
assessments in the Federal Register.
``(3) Measuring existing rules, regulations, guidance, and 
orders.--The Office of Economic Analysis shall--
``(A) review each rule, regulation, guidance, and 
order issued by the Bureau after 1, 2, 5, and 10 years;
``(B) measure the rule, regulation, guidance, or 
order's success in solving the problem that the rule, 
regulation, guidance, or order was intended to solve 
when issued; and
``(C) publish a report on such review and 
measurement in the Federal Register.''.
(b) Consideration of Review and Assessment; Rulemaking 
Requirements.--Section 1022(b) of the Consumer Financial Protection Act 
of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the 
following:
``(5) Consideration of review and assessment by the office 
of economic analysis.--
``(A) In general.--Before issuing any guidance, 
order, rule, or regulation, the Director shall consider 
the review and assessment of such guidance, order, 
rule, or regulation carried out by the Office of 
Economic Analysis.
``(B) Notice of disagreement.--If the Director 
disagrees with any part of a review and assessment 
described under subparagraph (A) with respect to any 
guidance, order, rule, or regulation, the Director 
shall accompany any such guidance, order, rule, or 
regulation with a statement explaining why the Director 
so disagrees.
``(6) Identification of problems and metrics for judging 
success.--
``(A) In general.--The Director shall, in each 
proposed rulemaking of the Bureau--
``(i) identify the problem that the 
particular rule or regulations is seeking to 
solve; and
``(ii) specify the metrics by which the 
Bureau will measure the success of the rule or 
regulation in solving such problem.
``(B) Required metrics.--The metrics specified 
under subparagraph (A)(ii) shall include a measurement 
of changes to consumer access to, and cost of, consumer 
financial products and services.''.
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