TAILOR Act of 2023

Hozzl · 2023-12-15T16:05:53Z

Explore the details of Senate Bill 362 TAILOR 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.

12/15/2023, 4:05 PM

Summary of Bill S 362

The TAILOR Act of 2023, also known as Bill 118 s 362, is a piece of legislation introduced in the US Congress aimed at promoting regulatory efficiency and reducing unnecessary burdens on small businesses. The acronym TAILOR stands for Taking Account of Institutions with Low Operation Risk, and the act seeks to tailor regulations to the size and risk profile of financial institutions.

The main provisions of the TAILOR Act include requiring federal financial regulatory agencies to tailor regulations to fit the risk profile and business model of financial institutions, particularly smaller institutions. This would involve conducting periodic reviews of regulations to ensure they are not overly burdensome or unnecessary for smaller institutions.

Additionally, the TAILOR Act would require federal financial regulatory agencies to consider the impact of regulations on small businesses and to provide justification for any regulations that disproportionately affect smaller institutions. The act also aims to promote transparency and accountability in the regulatory process by requiring agencies to publish information on the impact of regulations on small businesses. Overall, the TAILOR Act of 2023 is intended to promote regulatory efficiency and reduce unnecessary burdens on small businesses in the financial sector. It seeks to ensure that regulations are tailored to fit the size and risk profile of financial institutions, particularly smaller institutions, while also promoting transparency and accountability in the regulatory process.

Congressional Summary of S 362

Taking Account of Institutions with Low Operation Risk Act of 2023 or the TAILOR Act of 2023

This bill addresses the supervision of financial institutions.

Federal financial regulatory agencies must (1) tailor any regulatory actions so as to limit burdens on the institutions involved, with consideration of the risk profiles and business models of those institutions; and (2) report to Congress on specific actions taken to do so, as well as on other related issues. The bill's tailoring requirement applies to future regulatory actions and to regulations adopted within the last seven years.

The bill also reduces certain reporting requirements for community banks eligible for a simplified capital leverage ratio.

Finally, federal banking agencies must report on the modernization of bank supervision, including examiner workforce and training and statutory changes necessary to achieve more effective supervision.

Read the Full Bill

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Current Status of Bill S 362

Bill S 362 is currently in the status of Bill Introduced since February 9, 2023. Bill S 362 was introduced during Congress 118 and was introduced to the Senate on February 9, 2023. Bill S 362's most recent activity was Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. as of February 9, 2023

Bipartisan Support of Bill S 362

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 S 362

Primary Policy Focus

Finance and Financial Sector

Alternate Title(s) of Bill S 362

TAILOR Act of 2023

Taking Account of Institutions with Low Operation Risk Act of 2023

A bill to require the Federal financial institutions regulatory agencies to take risk profiles and business models of institutions into account when taking regulatory actions, and for other purposes.