To require the Federal financial institutions regulatory agencies to review the cumulative impact of regulations issued by such agencies, and for other purposes.
Legislative Progress
IntroducedMr. Timmons introduced the following bill; which was referred to …
Summary
What This Bill Does
The REVIEW Act of 2025 requires federal financial regulatory agencies (such as the OCC, FDIC, Federal Reserve, NCUA, and CFPB) to review their regulations more frequently - every 5 years instead of every 10 years. It also mandates these agencies conduct internal assessments of the cumulative impact of their regulations on the financial system, consumers, and overall economic activity.
Who Benefits and How
Banks, credit unions, and other financial services companies benefit because this bill creates a formal process for identifying and recommending the elimination of duplicative, outdated, or unnecessarily burdensome regulations. By requiring regulators to quantify the economic costs of regulations and assess their impact on credit availability and financial products, the bill creates pressure to reduce regulatory burden on the financial industry. The more frequent 5-year review cycle means problematic regulations could be identified and addressed faster.
Who Bears the Burden and How
Federal financial regulatory agencies face increased workload, as they must now conduct reviews twice as frequently (every 5 years instead of 10) and perform new internal cumulative impact assessments. Agency staff must assess effects on consumers, firms, credit availability, and the overall financial system, then quantify direct and indirect economic costs of regulations. Consumer protection could potentially be affected if regulatory streamlining weakens safeguards, though this is uncertain.
Key Provisions
- Increases the frequency of regulatory reviews from once every 10 years to once every 5 years
- Requires each federal financial regulatory agency to conduct internal reviews of the cumulative impact of their regulations
- Mandates assessment of effects on consumers' access to financial products and services
- Requires agencies to quantify direct and indirect economic costs of regulations
- Requires recommendations to streamline, simplify, or eliminate duplicative and burdensome regulations
- Expands scope from "appropriate Federal banking agencies" to all "Federal financial institutions regulatory agencies"
Evidence Chain:
This summary is derived from the structured analysis below. See "Detailed Analysis" for per-title beneficiaries/burden bearers with clause-level evidence links.
Primary Purpose
Amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require more frequent regulatory reviews (every 5 years instead of 10) and mandate internal cumulative impact assessments by federal financial regulatory agencies.
Policy Domains
Legislative Strategy
"Reduce regulatory burden on financial institutions by requiring more frequent reviews of existing regulations and mandating cost-benefit analysis of cumulative regulatory impact"
Likely Beneficiaries
- Banks and credit unions
- Financial services companies
- Non-bank financial firms
Likely Burden Bearers
- Federal financial regulatory agencies (OCC, FDIC, Fed, NCUA, CFPB)
- Agency staff conducting reviews
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_council"
- → Federal Financial Institutions Examination Council
- "federal_financial_institutions_regulatory_agency"
- → Federal financial institutions regulatory agency as defined in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (includes OCC, FDIC, Federal Reserve, NCUA, CFPB)
Key Definitions
Terms defined in this bill
Has the meaning given that term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302), which includes OCC, FDIC, Federal Reserve Board, NCUA, and CFPB
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology