12 U.S. Code § 3311 - Required review of regulations
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(a) In general
Not less frequently than once every 10 years, the Council and each appropriate Federal banking agency represented on the Council shall conduct a review of all regulations prescribed by the Council or by any such appropriate Federal banking agency, respectively, in order to identify outdated or otherwise unnecessary regulatory requirements imposed on insured depository institutions.
In conducting the review under subsection (a) of this section, the Council or the appropriate Federal banking agency shall—
(1) categorize the regulations described in subsection (a) of this section by type (such as consumer regulations, safety and soundness regulations, or such other designations as determined by the Council, or the appropriate Federal banking agency); and
(c) Complete review
The Council or the appropriate Federal banking agency shall ensure that the notice and comment period described in subsection (b)(2) of this section is conducted with respect to all regulations described in subsection (a) of this section not less frequently than once every 10 years.
(d) Regulatory response
The Council or the appropriate Federal banking agency shall—
(1) publish in the Federal Register a summary of the comments received under this section, identifying significant issues raised and providing comment on such issues; and
(e) Report to Congress
Not later than 30 days after carrying out subsection (d)(1) of this section, the Council shall submit to the Congress a report, which shall include—
(1) a summary of any significant issues raised by public comments received by the Council and the appropriate Federal banking agencies under this section and the relative merits of such issues; and
Source(Pub. L. 104–208, div. A, title II, § 2222,Sept. 30, 1996, 110 Stat. 3009–414.)
Section enacted as part of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, and also as part of the Omnibus Consolidated Appropriations Act, 1997, and not as part of the Federal Financial Institutions Examination Council Act of 1978 which comprises this chapter.