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Read. Follow. Verify.CFPB Dual Mandate and Economic Analysis Act (H.R. 2489)
Last action · April 6, 2023: Referred to the House Committee on Financial Services.Sponsor: Tom Emmer
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What This Bill Would Do
This bill proposes changes to the Consumer Financial Protection Bureau (CFPB) by narrowing its stated purpose and requiring the creation of a new Office of Economic Analysis. The new office would be tasked with reviewing all CFPB rules and regulations to assess their impact on consumer choice, credit access, and pricing.
If passed, this bill would change the legal mandate of the CFPB to prioritize private sector participation and require the agency to conduct and publish economic impact assessments for all new and existing financial regulations.
Who It Would Affect
Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.
Consumer Financial Protection Bureau
The agency would be required to establish a new office, conduct mandatory economic reviews, and alter its stated regulatory purpose.
Financial institutions
These entities would be subject to a new regulatory framework that emphasizes economic impact assessments and market-based competition.
Key Facts
- Removes 'competitive' from the CFPB's stated purpose of ensuring markets are 'fair, transparent, and competitive'.
- Adds a requirement for the CFPB to strengthen private sector participation without government interference or subsidies.
- Mandates the establishment of an 'Office of Economic Analysis' within the CFPB.
- Requires the new office to review all proposed guidance, orders, and rules for their impact on consumer choice, price, and credit access.
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- Requires the new office to publish reports on these reviews in the Federal Register.
- Mandates retrospective reviews of all CFPB rules and orders at 1, 2, 5, and 10-year intervals.
- Requires the CFPB Director to consider the Office of Economic Analysis's assessments before issuing any new rules or guidance.
- Requires the Director to issue a formal statement explaining any disagreement with the Office of Economic Analysis's findings.
- Requires the CFPB to identify the specific problem a rule intends to solve and define success metrics for every proposed rulemaking.
- Mandates that success metrics must include measurements of changes to consumer access and the cost of financial products.
Frequently Asked Questions
What would the new Office of Economic Analysis do?
Does this bill change how the CFPB creates new rules?
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News Coverage
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Votes, people, money & the original sourceWhere This Stands
Currently in committee. The next step in the legislative lifecycle is Floor Vote.
Version history
Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.
View official text →Full breakdown
Who this bill affects and the strongest case for and against it, written only from the bill’s own text.
Sponsors
Discoveries
Patterns POLISCOPE noticed across the record. These are observations to investigate, not conclusions.
Narrowing of Regulatory Purpose
The bill explicitly removes 'competitive' from the CFPB's mandate and adds a requirement to prioritize private sector participation without government subsidies.
Connected Entities
Sources
www.congress.gov
Analysis Score
0–100- Significance75How much this matters to a regular citizen
- Controversy65Intensity of disagreement among stakeholders
- Entertainment10Compellingness for a non-policy-wonk reader
- Buzz25Current news / social attention level
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