Yesterday, Rep. Josh Gottheimer (NJ-5), a member of the House Financial Services Committee, co-led the bipartisan Comprehensive Regulatory Review Act, H.R. 4607.
The bipartisan legislation introduced with Congressman Loudermilk of Georgia will strengthen, improve, and expand the Economic Growth and Regulatory Paperwork Reduction Act’s (EGRPRA) review process and ensure outdated, burdensome regulations are eliminated or better tailored to meet the needs of individual financial institutions.
“We need protections for consumers to establish guardrails from polluters or scam artists, but our economic growth is bogged down by outdated and duplicative regulations,” said Rep. Gottheimer. “A smart, pragmatic process requiring regular review will keep consumers and businesses on track instead of buried in paperwork and hamstrung by red tape. The Comprehensive Regulatory Review Act will ensure that consumers are protected, businesses can grow and New Jersey’s robust financial sector will thrive.”
“When I meet with community banks and credit unions across Georgia, I consistently hear of one issue that makes it difficult for them to best serve their customers. Most describe it as the “death by a thousand cuts” administered by excessive regulatory compliance burdens from federal bureaucracies. Many of the mandates they must comply with are either outdated or not relevant to their type of business operation,” said Rep. Barry Loudermilk. “My Bill, HR 4607, will put some teeth into EGRPRA to ensure these agencies are effectively cleaning up their operations.”
The Comprehensive Regulatory Review Act:
Requires EGRPRA (Economic Growth and Regulatory Paperwork Reduction Act) reviews to be done every 7 years instead of every 10.
Expands EGRPRA reviews to include all regulated institutions, not just insured depository institutions.
Codifies the NCUA’s participation in EGRPRA, as the NCUA participated in the most recent EGRPRA review voluntarily.
Empowers regulators to tailor regulations that they find to be outdated, unnecessary, or unduly burdensome, instead of just producing a report.
Modernizes and improves the EGRPRA review process to account for the many changes that have taken place since EGRPRA was enacted.
Other original co-sponsors of this bill include Rep. Sean Duffy (R-WI).
To read the full text of H.R. 4607, click HERE.