S. 1615 (112th): Financial Regulatory Responsibility Act of 2011

Sep 22, 2011 (112th Congress, 2011–2013)
Died (Referred to Committee)
Richard Shelby
Senior Senator from Alabama
Read Text »
Last Updated
Sep 22, 2011
20 pages
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Last Action: Oct 18, 2011


This bill was introduced on September 22, 2011, in a previous session of Congress, but was not enacted.

Introduced Sep 22, 2011
Referred to Committee Sep 22, 2011
Full Title

A bill to require enhanced economic analysis and justification of regulations proposed by certain Federal banking, housing, securities, and commodity regulators, and for other purposes.


No summaries available.

Primary Source

THOMAS.gov (The Library of Congress)

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S. stands for Senate bill.

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

Financial Regulatory Responsibility Act of 2011- 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.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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