Sec. 717. Agency 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 adding at the end the following: In addition, the Director 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. . 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 Director shall, not later than the end of the 60-day period beginning on the date of the enactment of this subsection, establish an Office of Economic Analysis. The head of the Office of Economic Analysis shall report directly to the Director. The Office of Economic Analysis shall— review all proposed rules and regulations of the Agency; 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, 6, and 11 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. The Office of Economic Analysis shall— carry out a cost-benefit analysis of any proposed administrative enforcement action, civil lawsuit, or consent order of the Agency; and assess the impact of such complaint, lawsuit, or order on consumer choice, price, and access to credit products. .
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 Director shall consider the review and assessment of such rule or regulation carried out by the Office of Economic Analysis. The Director shall, in each proposed rulemaking of the Agency— identify the problem that the particular rule or regulations is seeking to solve; and specify the metrics by which the Agency 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 Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 et seq.) is amended— in subtitle E of title X, by adding at the end the following: Before initiating any administrative enforcement action or civil lawsuit or entering into a consent order, the Director shall consider the cost-benefit analysis of such action, lawsuit, or order carried out by the Office of Economic Analysis. ; and in the table of contents under section 1(b), by inserting after the item relating to section 1058 the following:
Sec. 1059. Consideration of cost-benefit analysis related to administrative enforcement and civil actions. . The Consumer Law Enforcement Agency may perform any of the analyses required by the amendments made 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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