A bill introduced in the Senate would require independent federal agencies, including the Consumer Financial Protection Bureau, “to conduct more rigorous analyses of the regulations they propose,” writes American Banker's Kevin Wack.
The bill, which would require a cost-benefit analysis for new regulations, was introduced last month by Sen. Rob Portman, R-Ohio. The committee vote on it has been delayed until after the November election, but it’s possible it could move forward before then.
“The legislation would allow the president to require independent agencies to take up to 13 additional steps before issuing a new rule,” explains Wack.
Supporting the bill: "The goal here is to implement the new policies under Dodd-Frank, but we have to be careful not to undermine the economic recovery," says Scott Talbott of the Financial Services Roundtable.
Objecting to the bill: "They're called independent agencies because they're independent of the executive branch. What this bill would do is actually subordinate them to the executive branch," says Dennis Kelleher of Better Markets, a non-profit group.
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