H.R. 6544 Text - Reported in House - 119th Congress (2025-2026)

SEC. 2. Review of regulations.

Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 3311) is amended—

(1) by striking “appropriate Federal banking agency” each place such term appears and inserting “Federal financial institutions regulatory agency”;

(2) in subsection (a)—

(A) by striking “represented on the Council”; and

(B) by striking “once every 10 years” and inserting “once every 7 years”;

(3) in subsection (b)—

(A) by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively (and adjusting the margins accordingly);

(B) by striking “In conducting” and inserting the following:

“(1) SOLICITATION OF PUBLIC COMMENT.—In conducting”; and

(C) by adding at the end the following:

“(2) INTERNAL REVIEW OF CUMULATIVE IMPACT.—Each Federal financial institutions regulatory agency shall conduct an internal review of the cumulative impact of regulations issued by the Federal financial institutions regulatory agency that—

“(A) assesses the effects of such regulations on consumers’ access to financial products and services;

“(B) assesses the effects of such regulations on the availability of financial products and services to financial and nonfinancial firms;

“(C) assesses the impact of such regulations on credit availability and financial market liquidity in United States financial markets;

“(D) assesses the balance of benefits and costs of such regulations with respect to the safety and soundness of the United States financial system and overall economic activity in the United States;

“(E) to the extent practicable, quantifies the direct and indirect economic costs imposed by such regulations; and

“(F) includes recommendations to streamline, simplify, or eliminate duplicative, outdated, and unnecessarily burdensome regulations.”;

(4) in subsection (c)—

(A) by striking “subsection (b)(2)” and inserting “subsection (b)(1)(B), and the internal review under subsection (b)(2),”; and

(B) by striking “once every 10 years” and inserting “once every 7 years”;

(5) in subsection (e)—

(A) in paragraph (1)—

(i) by striking “appropriate Federal banking agencies” and inserting “Federal financial institutions regulatory agencies”; and

(ii) by striking “and” at the end;

(B) by redesignating paragraph (2) as paragraph (3);

(C) by inserting after paragraph (1) the following:

“(2) a summary of the findings and determinations of each Federal financial institutions regulatory agency of the internal review conducted by the Federal financial institutions regulatory agency under subsection (b)(2); and”; and

(D) in paragraph (3), as so redesignated, by striking “the regulatory burdens associated with such issues by regulation” and inserting “the regulatory burdens associated with the issues identified by public comments received by the Council and the Federal financial institutions regulatory agencies, as well as the regulatory burdens identified by each Federal financial institutions regulatory agency through the internal reviews conducted under subsection (b)(2), by regulation”; and

(6) by adding at the end the following:

“(f) Federal financial institutions regulatory agency defined.—The term ‘Federal financial institutions regulatory agency’ has the meaning given that term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302).”.