Transparency in CFPB Cost-Benefit Analysis Act
1/8/2024, 11:56 PMSummary of Bill HR 1313
Bill 118 hr 1313, also known as the Transparency in CFPB Cost-Benefit Analysis Act, is a piece of legislation introduced in the US Congress. The bill aims to increase transparency and accountability within the Consumer Financial Protection Bureau (CFPB) by requiring the agency to conduct cost-benefit analyses for its regulations.Under the bill, the CFPB would be required to publish a detailed cost-benefit analysis for each proposed regulation, outlining the potential costs and benefits of the regulation to consumers, businesses, and the economy as a whole. This analysis would need to be made available to the public for review and comment before the regulation can be finalized.
Supporters of the bill argue that requiring the CFPB to conduct cost-benefit analyses will ensure that the agency's regulations are based on sound economic principles and will lead to more effective and efficient rulemaking. They believe that increased transparency will also help to hold the CFPB accountable to the American people. Opponents of the bill, however, argue that it could hinder the CFPB's ability to protect consumers from predatory financial practices by creating unnecessary bureaucratic hurdles. They believe that the agency already considers the costs and benefits of its regulations and that this bill is simply an attempt to undermine its authority. Overall, the Transparency in CFPB Cost-Benefit Analysis Act is a controversial piece of legislation that seeks to increase transparency and accountability within the CFPB. Its impact on the agency's ability to protect consumers and regulate the financial industry remains to be seen.
Congressional Summary of HR 1313
Transparency in CFPB Cost-Benefit Analysis Act
This bill sets forth information required to be included in a rulemaking made by the Consumer Financial Protection Bureau (CFPB). Specifically, the CFPB must publish a justification of the proposed rulemaking; a quantitative and qualitative assessment of all anticipated direct and indirect costs and benefits; alternatives to the proposed rulemaking; impacts on small businesses; and any assumptions, data, or studies used in preparing this information.
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Current Status of Bill HR 1313
Bill HR 1313 is currently in the status of Bill Introduced since March 1, 2023. Bill HR 1313 was introduced during Congress 118 and was introduced to the House on March 1, 2023. Bill HR 1313's most recent activity was Referred to the House Committee on Financial Services. as of March 1, 2023Bipartisan Support of Bill HR 1313
Total Number of Sponsors
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
46Democrat Cosponsors
0Republican Cosponsors
46Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1313
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 1313
Transparency in CFPB Cost-Benefit Analysis ActTransparency in CFPB Cost-Benefit Analysis ActTo enhance rulemaking requirements for the Bureau of Consumer Financial Protection, and for other purposes.Comments
Most relevant
Sponsors and Cosponsors of HR 1313
Latest Bills
Providing for consideration of the joint resolution (S.J. Res. 18) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions''; providing for consideration of the joint resolution (S.J. Res. 28) disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to ''Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications''; providing for consideration of the bill (H.R. 1526) to amend title 28, United States Code, to limit the authority of district courts to provide injunctive relief, and for other purposes; providing for consideration of the bill (H.R. 22) to amend the National Voter Registration Act of 1993 to require proof of United States citizenship to register an individual to vote in elections for Federal office, and for other purposes; and for other purposes.
Bill HRES 282April 2, 2025
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Overdraft Lending: Very Large Financial Institutions".
Bill SJRES 18April 2, 2025
SAVE Act
Bill HR 22April 2, 2025
A joint resolution disapproving the rule submitted by the Bureau of Consumer Financial Protection relating to "Defining Larger Participants of a Market for General-Use Digital Consumer Payment Applications".
Bill SJRES 28April 2, 2025
NORRA of 2025
Bill HR 1526April 2, 2025
Expressing support for the goals and ideals of National Child Abuse Prevention Month.
Bill HRES 284April 2, 2025
Authorizing the use of Emancipation Hall in the Capitol Visitor Center for an event to celebrate the birthday of King Kamehameha I.
Bill HCONRES 24April 2, 2025
Of inquiry requesting the President to transmit certain documents relating to the dangerous, unaccountable use of AI by the United States DOGE Service to jeopardize the private information and essential services of the American people.
Bill HRES 286April 2, 2025
Expressing the sense of Congress that Trump administration tariffs on Mexico and Canada are in violation of the United States of America-Mexico-Canada Agreement.
Bill HCONRES 25April 2, 2025
Tanning Tax Repeal Act of 2025
Bill HR 1940April 2, 2025
Transparency in CFPB Cost-Benefit Analysis Act
Bill S 1362December 15, 2023
CFPB Transparency and Accountability Reform Act
Bill HR 2798January 22, 2024