Transparency in CFPB Cost-Benefit Analysis Act

This bill would add new requirements to how the Consumer Financial Protection Bureau writes rules. Each proposed rule would have to be published in full in the Federal Register with a statement of why it is needed and why private markets or state, local, or tribal governments cannot address the problem. The Bureau would also have to estimate the costs and benefits of the rule and of other options, check whether it overlaps with other federal rules, and explain how costs would be spread among consumers and small businesses. If a rule would raise costs for small businesses, the Bureau would have to consult the Small Business Administration's Office of Advocacy, and it would have to describe the assumptions and studies behind its analysis.

Full text and official record on Congress.gov

Sponsors

• John Kennedy Republican sponsor
• 1 cosponsors