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

Introduced:
Sep 22, 2011 (112th Congress, 2011–2013)
Status:
Died (Referred to Committee)
Sponsor
Richard Shelby
Senior Senator from Alabama
Party
Republican
Text
Read Text »
Last Updated
Sep 22, 2011
Length
20 pages
Related Bills
S. 450 (113th) was a re-introduction of this bill in a later Congress.

Referred to Committee
Last Action: Mar 05, 2013

S. 1720 (Related)
Jobs Through Growth Act

Reported by Committee
Last Action: Oct 18, 2011

 
Status

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

Progress
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.

Summary

No summaries available.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


9/22/2011--Introduced.
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

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

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