REVIEW Act of 2025
- Bill Number
- H.R. 6544
- Origin Chamber
- House
- Congress
- 119th Congress, Session 1
- Policy Area
- Finance and Financial Sector
- Status
- Introduced
- Latest Action
- 2026-02-25: Placed on the Union Calendar, Calendar No. 452.
- Last Updated
- 2026-06-11T23:26:42Z
AI-Generated Summary
Purpose of the Legislation
The REVIEW Act of 2025 aims to enhance regulatory efficiency in the U.S. financial sector by requiring federal agencies that oversee financial institutions to periodically assess the combined effects of their rules. This helps identify and reduce unnecessary burdens while balancing consumer protection and economic growth.
Key Provisions
- Periodic Reviews: Federal financial institutions regulatory agencies (such as the Federal Reserve, FDIC, and OCC) must conduct reviews of their regulations every 7 years (shortened from 10 years under prior law).
- Public Input Process: Agencies must solicit public comments on compliance burdens, outdated rules, and areas for improvement, similar to existing requirements but expanded.
- Internal Cumulative Impact Review: Each agency must perform an internal analysis of how all its regulations interact, covering:
- Effects on consumers' access to financial products and services (e.g., loans, banking).
- Impacts on availability of financial services to both financial companies and non-financial businesses.
- Influence on credit access and market liquidity (the ease of buying/selling assets without price disruption).
- Balance of benefits (like financial stability) versus costs to the economy and banking safety.
- Quantification of direct and indirect economic costs where possible.
- Recommendations to simplify, update, or remove redundant, outdated, or overly burdensome rules.
- Reporting Requirements:
- Agencies submit findings from public comments and internal reviews to Congress every 7 years.
- A joint report from all agencies summarizes these reviews, identifies regulatory burdens, and proposes actions to reduce them.
- Definitions: Clarifies that "Federal financial institutions regulatory agency" includes key bodies like those defined in the Federal Financial Institutions Examination Council Act.
Significant Changes to Existing Law
This bill amends Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of 1996, which previously focused mainly on public input for reducing paperwork and compliance costs every 10 years, limited to banking agencies. Key updates include:
- Broadens scope from "appropriate Federal banking agencies" to all "Federal financial institutions regulatory agencies."
- Shortens review cycle from 10 to 7 years for more frequent evaluations.
- Adds a mandatory internal review of regulations' cumulative (overall combined) effects, which was not required before.
- Expands joint reporting to include internal review summaries and broader burden identification, integrating public and agency insights.
Potential Impacts
- On Government Agencies: Increases workload for regulatory agencies due to more frequent and detailed reviews, but provides tools to streamline operations and justify rule changes, potentially leading to fewer overlapping regulations.
- On Citizens and Businesses: Could improve access to affordable financial services by reducing regulatory hurdles, lowering costs for banks that might pass savings to consumers. However, it risks weakening safeguards if rules are overly simplified, potentially affecting financial stability during economic stress.
- On International Relations: Minimal direct impact, as the bill focuses on domestic U.S. financial regulations; indirect effects could arise if streamlined rules influence global banking standards or U.S. competitiveness in international finance.
Main Stakeholders Affected
- Federal Regulatory Agencies: Primary implementers (e.g., Federal Reserve Board, Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, National Credit Union Administration, and Consumer Financial Protection Bureau).
- Financial Institutions: Banks, credit unions, and other lenders benefit from potential burden reductions but may face scrutiny on compliance practices.
- Consumers and Businesses: Everyday users of financial services and non-bank firms (e.g., retailers offering financing) gain from easier access to credit and services.
- Congress and Public: Gains oversight through reports, allowing input on regulations affecting the economy.
Notable Legal, Constitutional, or Political Implications
- Legal: Strengthens administrative law by mandating evidence-based reviews of regulations' cumulative effects, aligning with principles of efficient governance under the Administrative Procedure Act. It does not alter agencies' core rulemaking authority but encourages periodic self-assessment to avoid judicial challenges over outdated rules.
- Constitutional: No direct conflicts; supports separation of powers by enhancing congressional oversight of executive agencies without infringing on their independence.
- Political: Promotes a deregulatory approach, potentially appealing to pro-business interests by focusing on cost-benefit analysis, but could spark debate over balancing innovation with consumer protections post-financial crises like 2008. The bill's bipartisan origins in committee suggest broad appeal for regulatory modernization.
This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.
Sponsor
Rep. Timmons, William R. [R-SC-4]
Recent Actions
- 2026-02-25: Placed on the Union Calendar, Calendar No. 452.
- 2026-02-25: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-527.
- 2026-02-25: Reported (Amended) by the Committee on Financial Services. H. Rept. 119-527.
- 2025-12-17: Ordered to be Reported (Amended) by the Yeas and Nays: 30 - 23.
- 2025-12-17: Committee Consideration and Mark-up Session Held
- 2025-12-16: Committee Consideration and Mark-up Session Held
- 2025-12-09: Referred to the House Committee on Financial Services.
- 2025-12-09: Introduced in House
- 2025-12-09: Introduced in House
Bill Versions
- Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow Act of 2025 — issued 2025-12-09 — PDF (5 pages)
- Regulatory Efficiency, Verification, Itemization, and Enhanced Workflow Act of 2025 — issued 2026-02-25 — PDF (8 pages)