Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, and Sen. Cynthia Lummis (R-Wyo.) reintroduced the Transparency in CFPB Cost-Benefit Analysis Act to ensure that regulations issued by the Consumer Financial Protection Bureau (CFPB) do not impose unreasonable costs or burdens on taxpayers, financial institutions or consumers. The legislation would revise the Dodd–Frank Wall Street Reform and Consumer Protection Act to require the CFPB to conduct a comprehensive cost-benefit analysis of all proposed rules. This would help prevent burdensome regulations from imposing unnecessary costs on hardworking Americans. “Washington bureaucrats shouldn’t be able to saddle hardworking Americans with costly regulations without showing that the benefits outweigh the costs. The CFPB ought to put taxpayers and consumers first, and my bill would make sure the agency shows its homework before imposing another costly rule,” said Kennedy.
John Kennedy promises to support legislation requiring the Consumer Financial Protection Bureau to conduct comprehensive cost-benefit analyses, consider alternatives, consult on small-business impacts, avoid duplicative rules, and disclose supporting data before issuing proposed regulations.
Occurrences
Evidence
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By Mr. KENNEDY (for himself and Ms. Lummis): S. 5628. A bill to amend the Consumer Financial Protection Act of 2010 to enhance rule-making requirements for the Bureau of Consumer Financial Protection, and for other purposes; to the Committee on Banking, Housing, and Urban Affairs.
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Sen. John Kennedy (R-La.), a member of the Senate Banking Committee, and Sen. Cynthia Lummis (R-Wyo.) reintroduced the Transparency in CFPB Cost-Benefit Analysis Act
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Each notice of proposed rulemaking issued by the Bureau shall be published in its entirety in the Federal Register and shall include—
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a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits of the proposed regulation
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Mr. KENNEDY (for himself, Mr. HAGERTY, and Ms. LUMMIS) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
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Mr. Kennedy (for himself, Ms. Lummis, Mr. Scott of South Carolina, and Mr. Hagerty) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
Assessments
The verified commitment is to support/reintroduce the Transparency in CFPB Cost-Benefit Analysis Act, not to prove enactment of the bill. Verified evidence shows Kennedy and Lummis reintroduced the Act, and the Congressional Record identifies S. 5628 as introduced by Kennedy and referred to the Senate Banking Committee. That is material candidate action satisfying the support/legislative-introduction commitment during his current Senate term; it does not establish enactment of the broader regulatory outcome.