Sec. 403. Office of Economic Analysis
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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 Bureau shall establish an Office of Economic Analysis. The Office of Economic Analysis shall— review all proposed guidance, orders, rules, and regulations of the Bureau, including carrying out the determinations and assessments with respect to notices of proposed rulemaking described under section 1022(b)(7); assess the impact of such guidance, orders, 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 guidance, order, rule, and regulation issued by the Bureau after 1, 2, 5, and 10 years; measure each such guidance, order, rule, or regulation’s success in solving the problem that the guidance, order, 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 guidance, order, rule, or regulation, the commissioners of the Bureau shall consider the review and assessment of such guidance, order, rule, or regulation carried out by the Office of Economic Analysis. If any commissioner of the Bureau disagrees with any part of a review and assessment described under subparagraph
(A)with respect to any guidance, order, rule, or regulation, the commissioner shall accompany any such guidance, order, rule, or regulation with a statement explaining why the commissioner so disagrees. The Bureau shall, in each proposed rulemaking of the Bureau— identify the problem that the particular rule or regulations is seeking to solve; and specify the metrics by which the Bureau 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. .
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