Legal and Regulatory:
Regulatory Burden Reduction Initiatives
Economic Growth And Regulatory Paperwork Reduction Act of 1996
Beginning in
June 2003, the Office of the Comptroller of the Currency (OCC), the Board of
Governors of the Federal Reserve System (Federal Reserve), the Federal Deposit
Insurance Corporation (FDIC), and the Office of Thrift Supervision (OTS) are
requesting comments to identify and eliminate outdated, unnecessary or unduly
burdensome regulations imposed on insured depository institutions pursuant to
Section 2222 of the Economic Growth and Regulatory Paperwork Reduction Act of
1996 (EGRPRA).
EGRPRA requires the agencies to categorize the
regulations, publish the categories for comment, report to Congress on any
significant issues raised by the comments and eliminate unnecessary regulations.
(See EGRPRA Summary for a summary of the statute). Under the 1996 law, the
agencies are required to review their regulations at least once every 10 years.
This current effort represents the beginning of a three-year joint effort by the
agencies to obtain suggestions from the industry and public on more streamlined
and less burdensome ways to regulate.
The agencies will publish the categories of regulations
for which they are seeking comments twice a year.
To see the categories for which comment is currently
being solicited, and to make comments, visit http://www.egrpra.gov/.
To comment via mail, write Lee
Walzer, Counsel, MS 8-4, Legislative & Regulatory Activities, 250 E Street,
SW, Washington, DC 20219-0001.
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