WASHINGTON, D.C. – Yesterday, Tuesday, June 11, 2019, Congressman Barry Loudermilk (GA-11) and Congressman Josh Gottheimer (NJ-5) introduced the bipartisan Comprehensive Regulatory Review Act, which will cut red tape and outdated bureaucracy to create jobs and spur economic growth — all while protecting our families, children, and communities.
The Comprehensive Regulatory Review Act requires that financial regulations be reviewed every seven years, rather than ten. This will strengthen, improve, and expand the review process and ensure outdated, burdensome regulations are eliminated or better tailored. Doing so will help cut bureaucratic red tape, help our economy thrive, and protect consumers.
For example, as blockchain, new lending options, and other financial technologies continue to emerge, business growth is being hampered by 72-year-old securities laws that are being applied to today’s digital currencies.
“A smart, pragmatic process requiring regular review will keep consumers and businesses on track and create jobs, instead of burying them 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. There should be nothing partisan about helping entrepreneurs and businesses of all sizes grow, create jobs, and expand the economy,” said Congressman Josh Gottheimer (NJ-5).
“Our local community banks and credit unions are overly burdened by excessive regulations from numerous federal bureaucracies. Many of these mandates are outdated or simply not relevant to their type of business operation,” said Congressman Barry Loudermilk (GA-11). “This legislation will provide significant modernization and reforms to EGRPRA and reduce duplicative, overlapping, and non-relevant regulations, and ensuring agencies tailor regulations to each industry sector.”
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- Empowers regulators to tailor rules of the road that they find to be outdated, unnecessary, or unduly burdensome, instead of just producing a report.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.