SAFE Guidance Act

This bill would require nine federal financial agencies to place a standard statement on the first page of any guidance they issue after the law takes effect. The statement would say that the guidance does not have the force of law, does not create rights or obligations, and is not binding on the agency or the public. It would also say that not following the guidance does not by itself prove a violation of the law. The agencies covered include the Consumer Financial Protection Bureau, HUD, the Treasury, the FDIC, the Federal Housing Finance Agency, the Federal Reserve Board, the National Credit Union Administration, the Comptroller of the Currency, and the SEC. Formal rules, agency adjudication decisions, internal guidance, and internal legal advice would not count as guidance under the bill.

Full text and official record on Congress.gov

Sponsors

• Daniel Meuser Republican sponsor
• 0 cosponsors