Sec. 4. Board of Governors of the Federal Reserve System
368 words·~2 min read·
/bill/113/s/2829/is/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Section 10 of the Federal Reserve Act is amended by inserting before paragraph
(12)the following: Before issuing a final regulation or order the Board of Governors of the Federal Reserve System shall, as part of such regulation or order, assess other Federal regulations and orders to determine the interaction between the proposed regulation or order and other Federal regulations and orders. In making a determination of the interaction between the proposed regulation or order and other Federal regulations, the Board of Governors shall evaluate the following: Whether the proposed regulation or order is in conflict with other Federal regulations or orders. Whether the proposed regulation or order is inconsistent with other Federal regulations or orders. Whether the proposed regulation or order is duplicative of other Federal regulations or orders. Whether other Federal regulations or orders are outdated. The Board of Governors shall use its best efforts through all available measures under current law to reconcile any duplicative or inconsistent existing regulation or order with any proposed regulation or order before issuing a final regulation or order. Not later than the end of the 60-day period beginning on the date the Board of Governors makes a determination under subparagraph (B), the Board of Governors shall issue a report to the Congress containing recommendations made by the Board of Governors, including— any recommendations of Federal laws or regulations that should be repealed or amended; and any duplicative, inconsistent, or conflicting regulation or order of another Federal financial regulator (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act). Notwithstanding any other provision of law, a court may not compel action or hold unlawful and set aside any action solely on the basis of compliance or noncompliance with the requirements of this paragraph. For purposes of this paragraph, the term regulation shall have the meaning given the term rule under section 551(4) of title 31, United States Code, the term order shall have the meaning given such term by the Board of Governors, and the term other Federal regulations and orders shall mean regulations and orders of the Federal financial regulators (as defined under section 9(c)(6)(B) of the Federal Deposit Insurance Act), other than the Board of Governors. .