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Increased Transparency in Consumer Protection Agency Rulemaking

This bill requires the consumer financial protection agency to be more open about why it proposes new rules and what those rules might cost or benefit people and businesses. It aims to ensure the agency considers the impact, especially on small businesses, before making new regulations, potentially reducing unnecessary burdens.
Key points
The agency must explain in detail the need for new rules and why other solutions are insufficient.
An analysis of the costs and benefits of proposed rules is required, including the impact on the economy, competition, and small businesses.
The agency must consider alternative solutions and consult with small business advocates if new rules increase their costs.
Information and studies used for cost-benefit analysis must be publicly disclosed.
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Additional Information
Print number: 117_HR_7412
Sponsor: Rep. Mooney, Alexander X. [R-WV-2]
Process start date: 2022-04-06
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Transparency in CFPB Cost-Benefit Analysis Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_7412.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-04-06.

What are the main provisions?

Key points include:

  • The agency must explain in detail the need for new rules and why other solutions are insufficient.
  • An analysis of the costs and benefits of proposed rules is required, including the impact on the economy, competition, and small businesses.
  • The agency must consider alternative solutions and consult with small business advocates if new rules increase their costs.
  • Information and studies used for cost-benefit analysis must be publicly disclosed.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mooney, Alexander X. [R-WV-2].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Financial Services.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy