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Making the CFPB Accountable to Small Businesses Act of 2023
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.
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.
Read the Full Bill
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
1Democrat Sponsors
0Republican Sponsors
1Unaffiliated Sponsors
0Total Number of Cosponsors
8Democrat Cosponsors
0Republican Cosponsors
8Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1749
Primary Policy Focus
Finance and Financial SectorAlternate Title(s) of Bill HR 1749
Making the CFPB Accountable to Small Businesses Act of 2023
Making the CFPB Accountable to Small Businesses Act of 2023
To impose additional requirements for covered agencies in regulatory flexibility analysis.
Comments
Sponsors and Cosponsors of HR 1749
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