§3311 Required review of regulations

Summary

The Council and each appropriate federal banking agency must review all rules they set for insured depository institutions at least once every 10 years. They must sort the rules into types (for example, consumer rules or safety-and-soundness rules) and regularly ask the public to point out parts that are outdated, unnecessary, or too burdensome. They must make sure every rule gets a public notice-and-comment at least once every 10 years. The Council or agency must publish a summary of the comments in the Federal Register and remove unnecessary rules when appropriate. Within 30 days after publishing that summary, the Council must send Congress a report that lists major issues raised and says whether the agency can fix the burdens by regulation or whether Congress needs to act.