Bill113th Congress

S. 450

Financial Regulatory Responsibility Act of 2013

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Introduced
Mar 5, 2013
Origin Chamber
Senate
Policy Area
Finance and Financial Sector
Latest Action
Mar 5, 2013

Sponsor

Sen. Shelby, Richard C. [R-AL]

Republican·AL
Bioguide ID: S000320
First Name: Richard
Middle Name: C.
Last Name: Shelby
By Request: N
6
Cosponsors
1
Committees
2
Actions
0
Amendments
0
Related Bills
17
Subjects
1
Summaries
3
Titles
1
Text Versions

Bill Details

Update Date
Nov 15, 2022
Origin Chamber
Senate
Bill Type
S
Bill Number
450
Congress
113
Introduced Date
Mar 5, 2013
Policy Area
Finance and Financial Sector
Is Law
No
Mar 5, 2013IntroReferral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Source: Senate

Mar 5, 2013IntroReferral10000

Introduced in Senate

Source: Library of Congress

Introduced in Senate· Mar 5, 20130

Financial Regulatory Responsibility Act of 2013 - Prohibits a federal financial regulatory agency from issuing notices of proposed or final rulemakings unless specified analyses have been included in them.

Prohibits an agency from publishing a notice of final rulemaking if it determines that the quantified costs are greater than the quantified benefits.

Requires an agency to make available on its public website sufficient information about the data, methodologies, and assumptions underlying its analyses so that its analytical results are capable of being substantially reproduced.

Requires the chief economist of an agency, within five years after publication in the Federal Register of a notice of final rulemaking, to report to certain congressional committees on the economic impact of the subject regulation, including its direct and indirect costs and benefits.

Requires each federal agency to develop, report to certain congressional committees, and post on its public website a plan to modify, streamline, expand, or repeal existing regulations so as to make the agency's regulatory program more effective or less burdensome in achieving its regulatory objectives.

Authorizes judicial review for a person adversely affected or aggrieved by a regulation.

Establishes the Chief Economists Council to report to certain congressional committees on activities of the financial regulatory agencies.

Requires the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) to report separately to certain congressional committees their plans for subjecting to the requirements of this Act the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and registered national securities associations on the one hand, and registered futures associations on the other.

Banking, Housing, and Urban Affairs Committee

Senate· Standing
Administrative law and regulatory proceduresBanking and financial institutions regulationCommodity Futures Trading CommissionCongressional oversightConsumer Financial Protection BureauDepartment of the TreasuryEconomic performance and conditionsEconomic theoryExecutive agency funding and structureFederal Deposit Insurance Corporation (FDIC)Federal Housing Finance AgencyFederal Reserve SystemFinancial Stability Oversight CouncilGovernment information and archivesJudicial review and appealsNational Credit Union AdministrationSecurities and Exchange Commission (SEC)

Introduced in Senate

Mar 5, 2013

Financial Regulatory Responsibility Act of 2013 — Informed