WASHINGTON (8/18/15)--A CUNA-backed U.S. Senate bill was recently introduced, serving as a companion to a House-passed bill that would modernize federal rulemaking.
The bill was introduced by Sens. Rob Portman (R-Ohio), Angus King (I-Maine) and Susan Collins (R-Maine). CUNA supports the bill as a way to move away from the one-size-fits-all style regulations that have added to the increasing regulatory burdens facing credit unions.
S. 2006 is a companion to the Regulatory Accountability Act of 2015 (H.R. 185), which was introduced in January and subsequently passed the House by a 250-175 vote.
“Through stronger cost-benefit analysis and greater transparency, this commonsense legislation will build a less costly, more stable regulatory environment for job creation and economic growth,” Portman said.
Prior to the House vote on the legislation, CUNA and a number of other organizations urged the House to pass the the bill in a Jan. 12 letter, saying it “builds on established principles of fair regulatory process and review.”
Specifically, the Senate's S. 2006 would:
“Regulations need to be narrowly tailored supported by strong and credible data and evidence and impose the lowest possible burden while still implementing Congressional intent,” CUNA’s joint letter of support for the provisions read. “When agencies produce regulations that do not reflect these ideals, better mechanisms to hold them accountable are needed.”