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U.S. House Passes H.R. 427, 'REINS' Act
Thursday, July 30, 2015 6:45 AM

The full House passed a bill of interest to financial institutions this week. The Regulations from the Executive in Need of Scrutiny (REINS) Act of 2015 (H.R. 427) passed with a 243-165 vote. Among other things, the bill:

  • Requires a federal agency to include proposed rules in its report to Congress and to the Comptroller General a classification of the rule as a major or non-major rule;
     
  • Requires a joint resolution of approval of major rules to be enacted before such rules may take effect;
     
  • Sets forth the congressional approval procedure for major rules and the congressional disapproval procedure for non-major rules;
     
  • Allows a court to review whether an agency has completed the necessary requirements under the act for a rule to take effect; and
     
  • Prohibits an agency from allowing a major rule to take effect without the congressional review procedures set forth in the bill.