Sec. 316. Commission dual mandate and economic analysis
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Section 1021(a) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5511(a) ) is amended— by striking fair, transparent, and competitive and inserting: fair and transparent ; and by adding at the end the following: In addition, the Commission shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of strengthening participation in markets by covered persons, without Government interference or subsidies, to increase competition and enhance consumer choice. ; and Section 1013 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5493 ) is amended by adding at the end the following:
The Chair shall establish an Office of Economic Analysis. The Office of Economic Analysis shall— review all proposed rules and regulations of the Commission; assess the impact of such rules and regulations on consumer choice, price, and access to credit products; and publish a report on such reviews and assessments in the Federal Register. The Office of Economic Analysis shall— review each rule and regulation issued by the Commission after 1, 2, 5, and 10 years; measure the rule or regulation’s success in solving the problem that the rule or regulation was intended to solve when issued; and publish a report on such review and measurement in the Federal Register. .
Section 1022(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b) ) is amended by adding at the end the following: Before issuing any rule or regulation, the Chair shall consider the review and assessment of such rule or regulation carried out by the Office of Economic Analysis. If a member of the Commission disagrees with any part of a review and assessment described under subparagraph
(A)with respect to any rule or regulation, the member shall accompany any such rule or regulation with a statement explaining why the member so disagrees. The Chair shall, in each proposed rulemaking of the Commission— identify the problem that the particular rule or regulations is seeking to solve; and specify the metrics by which the Commission will measure the success of the rule or regulation in solving such problem. The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services. . The Commission may perform any of the analyses required by this section in conjunction with, or as part of, any other agenda or analysis required by any other provision of law, if such other agenda or analysis satisfies the provisions of this section.
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