SAFE Guidance Act
Sponsored By: Representative Meuser, Daniel [R-PA-9]
In Committee
Summary
Require major financial regulators to label new guidance as nonbinding. The SAFE Guidance Act would force the heads of key financial agencies to put a clear statement on new guidance saying it has no force of law, does not create rights or obligations, and is not binding.
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- Agency leaders would have to place a prominent “guidance clarity statement” on the first page of any guidance issued after enactment. The statement must say the guidance is not binding and noncompliance does not conclusively indicate a legal violation.
- Regulated firms and market participants would see explicit notice that agency guidance is advisory, not a substitute for statutes or formal rules. That makes the advisory status of post-enactment guidance clearer for banks, lenders, securities firms, and other regulated parties.
- The bill names nine financial agencies and defines what counts as "guidance" while excluding formal rules, adjudications, internal agency-only documents, and certain executive-branch legal advice. It applies only to guidance issued after enactment and imposes no funding, enforcement, or penalties beyond the labeling requirement.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 1 benefits, 0 costs, 0 mixed.
Clear labels on financial regulator guidance
If enacted, major financial regulators would have to put a clear disclaimer on the first page of any new guidance. It would say the guidance is not law, does not create rights or duties, and is not binding. It would also say that not following the guidance does not automatically mean a legal violation. Agencies include the CFPB, HUD, Treasury, FDIC, FHFA, the Federal Reserve, NCUA, OCC, and the SEC. This would apply only to guidance (not formal rules, adjudications, or internal memos) and only to items issued after enactment.
Sponsors & CoSponsors
Sponsor
Meuser, Daniel [R-PA-9]
PA • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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