Sec. 502. Transparency in cost-benefit analysis
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Section 1022(b) of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5512(b) ), as amended by section 403, is further amended by adding at the end the following: Each notice of proposed rulemaking issued by the Bureau shall be published in its entirety in the Federal Register and shall include— a statement of the need for the proposed regulation; an examination of why the Bureau must undertake the proposed regulation and why the private market, State, local, or tribal authorities cannot adequately address the problem; an examination by the Office of Economic Analysis of whether the proposed regulation is duplicative, inconsistent, or incompatible with other Federal regulations and orders; if the proposed regulation is found by the Office of Economic Analysis to be duplicative, inconsistent, or incompatible with other Federal regulations and orders, a discussion of— why the proposed regulation is justified; how the proposed regulation can coexist with the existing regulations; and how the Bureau plans to reduce the regulatory burden associated with the duplicative, inconsistent, or incompatible proposed regulation; a quantitative and qualitative assessment by the Office of Economic Analysis of all anticipated direct and indirect costs and benefits of the proposed regulation, including— compliance costs for all regulated entities, including small businesses; effects on economic activity, efficiency, competition, and capital formation; regulatory and administrative costs of implementation; and costs imposed on State, local, and tribal entities; an identification of reasonable alternatives to the regulation, including modification of an existing regulation; an analysis by the Office of Economic Analysis of the costs and benefits, both quantitative and qualitative, of any alternative identified pursuant to clause (vi); if the Office of Economic Analysis determines the proposed regulation would increase costs for small businesses, then the Bureau shall consult the Office of Advocacy within the Small Business Administration to determine ways to minimize the effect of direct and indirect costs imposed on small businesses by the proposed regulation; if the Office of Economic Analysis determines that quantified net benefits of the proposed action do not outweigh the quantified net benefits of the alternatives, a justification of the regulation; if quantified benefits identified pursuant to clause
(v)by the Office of Economic Analysis do not outweigh the quantified costs of the regulation, a justification of the regulation; an assessment by the Office of Economic Analysis of how the burden imposed by the regulation will be distributed, including whether consumers or small businesses will be disproportionately burdened; and when feasible, and using appropriate statistical techniques, a probability distribution prepared by the Office of Economic Analysis of the relevant outcomes of the proposed regulation. With respect to the information required to be included under subparagraph
(A)in a notice of proposed rulemaking, the Bureau shall include in such notice— a discussion of underlying assumptions used as a basis for such information; and a description of any studies or data used in preparing such information, and whether such studies were peer-reviewed. .
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Sec. 502
Transparency in cost-benefit analysis
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