A bill introduced by Sens. Mark Warner (D-Va.), Rob Portman (R-Ohio) and Susan Collins (R-Maine) that may slow the pace of CFPB regulations could be addressed in a Sept. 20 Senate meeting.
S. 3468 requires independent federal agencies like the National Credit Union Administration and Consumer Financial Protection Bureau to conduct a thorough cost-benefit analysis of new rules and to minimize unnecessary regulatory burden, according to Credit Union Times.
“It is important to strike the right balance between protection vital public safeguards and imposing costly regulations,” Warner’s office said, Credit Union Times reports. “However, we all agree that basic cost-benefit principles should apply to all regulators. This bipartisan legislations will help to ensure that all agencies only advance major regulations with a firm understanding about their impact on the economy.”
Independent agencies have not been subject to cost-benefit analysis requirements as federal agencies have. The bill authorizes the president to subject these agencies to an analysis and review process identical to the one required for federal regulators.
“Independent agencies exercise vast power over major sectors our economy—from telecom, to agriculture, to financial services—but they are exempt from common-sense requirements including cost-benefit analysis of major regulations to ensure they do more good than harm,” Portman said, according to Credit Union Times. “This is a bipartisan, consensus reform with broad support, and it will promote a more stable regulatory environment for economic growth and job creation.”