§5496b — Title 12 Banks and Banking | U.S. Code

Summary

The Comptroller General must study financial-services rules, including what the Bureau does, within 180 days after this Act and then every year. The study must look at how rules affect market safety and soundness, the cost and availability of credit, consumer savings, paperwork burden, personal and small-business bankruptcy filings, compliance costs, and whether agencies use sound cost‑benefit analysis. It must also check efforts to avoid duplicate or conflicting rules, including consultations, information requests, and exams, and any other related topics the Comptroller General chooses. Within 30 days after each study is finished, the Comptroller General must send Congress a report with the findings, conclusions, and any recommended legislative or administrative actions.

Title 12, §5496b

Banks and Banking — Source: USLM XML via OLRC

(a)Not later than the end of the 180-day period beginning on the date of the enactment of this Act, and annually thereafter, the Comptroller General of the United States shall conduct a study of financial services regulations, including activities of the Bureau. Such study shall include an analysis of—

(1)the impact of regulation on the financial marketplace, including the effects on the safety and soundness of regulated entities, cost and availability of credit, savings realized by consumers, reductions in consumer paperwork burden, changes in personal and small business bankruptcy filings, and costs of compliance with rules, including whether relevant Federal agencies are applying sound cost-benefit analysis in promulgating rules;

(2)efforts to avoid duplicative or conflicting rulemakings, including an evaluation of the consultative process under subparagraphs (B) and (C) of section 5512(b)(2) of this title, information requests, and examinations; and

(3)other matters related to the operations of financial services regulations deemed by the Comptroller General to be appropriate.

(b)Not later than the end of the 30-day period following the completion of a study conducted pursuant to subsection (a), the Comptroller General shall issue a report to the Congress containing a detailed description of all findings and conclusions made by the Comptroller General in carrying out such study, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.

Editorial Notes

References in Text

The date of the enactment of this Act, referred to in subsec. (a), probably means the date of enactment of Pub. L. 112–10, which enacted this section and was approved Apr. 15, 2011.

§5496b GAO study of financial regulations

Summary

Title 12, §5496b

Notes & Related Subsidiaries

Editorial Notes

References in Text

Citations & Metadata