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Increased Accountability for Financial Agencies Towards Small Businesses

This new act requires financial agencies, like the CFPB, to more thoroughly analyze the impact of new regulations on small businesses. This means agencies will need to justify why certain rules do not consider the specific needs of small entities, potentially leading to more thoughtful and less burdensome regulations for entrepreneurs.
Key points
Financial agencies must now assess the impact of proposed rules on small businesses.
Detailed justification is required if an agency does not consider the specifics of small businesses in new regulations.
The goal is to minimize additional credit costs for small entities resulting from new rules.
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Status:
Expired
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Additional Information
Print number: 118_HR_1749
Sponsor: Rep. Fitzgerald, Scott [R-WI-5]
Process start date: 2023-03-23
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Making the CFPB Accountable to Small Businesses Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1749.

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 2023-03-23.

What are the main provisions?

Key points include:

  • Financial agencies must now assess the impact of proposed rules on small businesses.
  • Detailed justification is required if an agency does not consider the specifics of small businesses in new regulations.
  • The goal is to minimize additional credit costs for small entities resulting from new rules.
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. Fitzgerald, Scott [R-WI-5].

What is the latest detailed status?

The latest detailed status is: Introduced in House

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-24.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy Courts and Law