Making the CFPB Accountable to Small Businesses Act of 2023

Hozzl · 2024-01-08T23:56:17Z

Explore the details of House Bill 1749 Making the CFPB Accountable to Small Businesses Act of 2023 currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Finance and Financial Sector. Stay informed on legislative developments.

1/8/2024, 11:56 PM

Summary of Bill HR 1749

Bill 118 hr 1749, also known as the Making the CFPB Accountable to Small Businesses Act of 2023, aims to increase transparency and accountability within the Consumer Financial Protection Bureau (CFPB) specifically in relation to its impact on small businesses. The bill seeks to ensure that the CFPB considers the potential effects of its regulations on small businesses, including the costs and benefits, before implementing any new rules.

The bill requires the CFPB to conduct a thorough analysis of the impact of its regulations on small businesses, including the potential costs and benefits. This analysis must be made publicly available and accessible to small businesses, allowing them to better understand how new regulations may affect their operations.

Additionally, the bill requires the CFPB to establish a Small Business Advisory Board, composed of representatives from small businesses, to provide input and feedback on proposed regulations. This board will help ensure that the concerns and perspectives of small businesses are taken into account during the rulemaking process. Overall, the Making the CFPB Accountable to Small Businesses Act of 2023 aims to promote greater transparency and accountability within the CFPB, particularly in relation to its impact on small businesses. By requiring the CFPB to consider the effects of its regulations on small businesses and establishing a Small Business Advisory Board, the bill seeks to ensure that small businesses are not unduly burdened by unnecessary regulations.

Congressional Summary of HR 1749

Making the CFPB Accountable to Small Businesses Act of 2023

This bill requires the Consumer Financial Protection Bureau (CFPB) to consider the impact of proposed rules on small entities. In addition, the CFPB must justify its decision to not adopt certain alternatives to regulations applicable to small entities.

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Current Status of Bill HR 1749

Bill HR 1749 is currently in the status of Bill Introduced since March 23, 2023. Bill HR 1749 was introduced during Congress 118 and was introduced to the House on March 23, 2023. Bill HR 1749's most recent activity was Referred to the Committee on the Judiciary, and in addition to the Committees on Small Business, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of March 23, 2023

Bipartisan Support of Bill HR 1749

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 1749

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill HR 1749

Making the CFPB Accountable to Small Businesses Act of 2023Making the CFPB Accountable to Small Businesses Act of 2023To impose additional requirements for covered agencies in regulatory flexibility analysis.

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