S 1615 · 112th Congress · Finance and Financial Sector
Financial Regulatory Responsibility Act of 2011
Bill Progress
✓
Introduced2
Committee3
Senate Vote4
House5
EnactedLatest: Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.(2011-09-22)
Plain Language Summary
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Financial Regulatory Responsibility Act of 2011- Prohibits a federal financial regulatory agency from issuing notices of proposed or final rulemakings unless specified analyses have been included in them. Prohibits an agency from publishing a notice of final rulemaking if it determines that the quantified costs are greater than the quantified benefits. Requires an agency to make available on its public website sufficient information about the data, methodologies, and assumptions underlying its analyses so that its analytical results are capable of being substantially reproduced. Requires the chief economist of an agency, within five years after publication in the Federal Register of a notice of final rulemaking, to report to certain congressional committees on the economic impact of the subject regulation, including its direct and indirect costs and benefits. Requires each federal agency to develop, report to certain congressional committees, and post on its public website a plan to modify, streamline, expand, or repeal existing regulations so as to make the agency's regulatory program more effective or less burdensome in achieving its regulatory objectives. Authorizes judicial rev…
Summarized by Claude AI · Non-partisan · For informational purposes only
Cosponsors (11)
11 Republicans