WASHINGTON (1/15/15)--A bill that would modernize the way government regulators, such as the National Credit Union Administration, go about their rulemaking processes was approved by the U.S. House Tuesday by a vote of 250-175. The Regulatory Accountability Act of 2015 (H.R. 185) was introduced by Rep. Bob Goodlatte (R-Va.), and is supported by the Credit Union National Association, which signed a letter of support earlier this week.
The bill would:
According to the letter signed by CUNA and dozens of other organizations, the act will "make the regulatory process more transparent, agencies more accountable and regulations more cost effective."
The bill will now head to the Senate. According to a report from Reuters, the White House has said it will veto the bill if passed.