In addition to requiring a tailored approach for future rulemakings, the TAILOR Act would require a review of regulations issued in the past seven years and a report on how they might be better tailored. Regulators would be required to state in notices of proposed rulemaking how they applied the TAILOR Act.
ABA EVP James Ballentine applauded the legislation. He said,
This important bill would help address the huge flow of new regulations that have made it more difficult for banks to meet the needs of consumers and small businesses as well as local and regional economies. Regulators should be empowered – and directed – to make sure that rules, regulations and compliance burdens only apply to segments of the industry where warranted.
Co-sponsors on the measure are Reps. Andy Barr (R-Ky.), Barry Loudermilk (R-Ga.), Mia Love (R-Utah), Robert Pittenger (R-N.C.), Bill Posey (R-Fla.), Ed Royce (R-Calif.), David Trott (R-Mich.) and Roger Williams (R-Texas). In the 114th Congress, Tipton’s bipartisan TAILOR Act cleared the House Financial Services Committee by a strong margin. Sen. Mike Rounds (R-S.D.) has introduced a companion measure in the Senate.