PlainBillCongress, translated.Legislation. Context. Public interest.Referred to the House Committee on Financial Services.
Congressional Research Service
Version 00 · Introduced in House · Jul 14, 2016
Comprehensive Regulatory Review Act of 2016
This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and each of the federal financial regulators to conduct, at least once every five years, a comprehensive review of all regulations prescribed by the council or the regulator, including all regulations issued after December 31, 2006, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on covered persons. "Covered persons" are those that engage in offering or providing a consumer financial product or service and affiliates who provide services to them.
Under the process for conducting such a review, the council and the appropriate regulator shall also:
Showing the opening paragraphs of the official summary.
consider the impact of the regulations on the financial safety and soundness, as well as on the risk profile and business models, of the covered persons; and
determine the necessity, appropriateness, and impact of continuing to apply the regulatory action.
The bill requires the council and the appropriate regulator to ensure that the notice and comment period with respect to the regulations reviewed is conducted at least once every 5 years (rather than, as currently, 10 years).
The council and the appropriate regulator shall eliminate or tailor unnecessary regulations so as to limit the regulatory compliance burdens.
People & committees
Rep. Duffy, Sean P. [R-WI-7] · R–WI
Legislative record
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Referred to the House Committee on Financial Services.
Introduced in House
Introduced in House
Primary sources
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Source last updated: Aug 12, 2025. Consult Congress.gov for the current record.
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