REVIEW Act of 2025
Sponsored By: Representative Timmons
In Committee
Summary
Creates regular, agency-level reviews to measure the cumulative impact of federal financial rules and push for simplification. It would broaden which regulators must act and shorten the review cycle from every 10 years to every 7 years.
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- Families and consumers would get clearer attention because each agency would have to assess effects on consumers' access to financial products and services. This aims to spotlight rules that limit everyday access.
- Banks, nonbank firms, and markets would face a new requirement to measure how rules affect the availability of products, credit access, and market liquidity. Agencies would also be asked to quantify direct and indirect economic costs where practicable.
- Regulators and the interagency Council would have to incorporate agency internal reviews and public comments into their burden summaries. Agencies must recommend ways to streamline, simplify, or cut duplicative or outdated rules and follow a uniform definition of covered agencies.
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Bill Overview
Analyzed Economic Effects
1 provisions identified: 0 benefits, 0 costs, 1 mixed.
More frequent reviews of financial rules
If enacted, the bill would require each Federal financial institutions regulatory agency to review the combined effects of the rules it issues. Reviews would happen every 7 years instead of every 10 and must include a public solicitation of comment. Each agency would do an internal review that looks at consumer access to financial products, availability of products to firms, credit availability and market liquidity, and the balance of benefits and costs for safety and the economy. Agencies would, when practicable, try to quantify direct and indirect economic costs and include recommendations to streamline, simplify, or remove duplicative or outdated rules. The Council's report would include each agency's review summary. These changes would take effect upon enactment.
Sponsors & CoSponsors
Sponsor
Timmons
SC • R
Cosponsors
There are no cosponsors for this bill.
Roll Call Votes
No roll call votes available for this bill.
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