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reflect available evidence and any data that the Bureau reason- ably may collect. (2) REPORTS.—The Bureau shall publish a report of its Publication. assessment under this subsection not later than 5 years after the effective date of the subject rule or order. (3) PUBLIC COMMENT REQUIRED.—Before publishing a report of its assessment, the Bureau shall invite public comment on recommendations for modifying, expanding, or eliminating the newly adopted significant rule or order.

SEC. 1023. REVIEW OF BUREAU REGULATIONS. 12 USC 5513.
(a) REVIEW OF BUREAU REGULATIONS.—On the petition of a
member agency of the Council, the Council may set aside a final
regulation prescribed by the Bureau, or any provision thereof, if
the Council decides, in accordance with subsection (c), that the
regulation or provision would put the safety and soundness of
the United States banking system or the stability of the financial
system of the United States at risk.
(b) PETITION.—
(1) PROCEDURE.—An agency represented by a member of
the Council may petition the Council, in writing, and in accord-
ance with rules prescribed pursuant to subsection (f), to stay
the effectiveness of, or set aside, a regulation if the member
agency filing the petition—
(A) has in good faith attempted to work with the
Bureau to resolve concerns regarding the effect of the rule
on the safety and soundness of the United States banking
system or the stability of the financial system of the United
States; and
(B) files the petition with the Council not later than Deadline.
10 days after the date on which the regulation has been
published in the Federal Register.
(2) PUBLICATION.—Any petition filed with the Council Federal Register,
under this section shall be published in the Federal Register publication.
and transmitted contemporaneously with filing to the Com-
mittee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Rep-
resentatives.
(c) STAYS AND SET ASIDES.—
(1) STAY.—
(A) IN GENERAL.—Upon the request of any member
agency, the Chairperson of the Council may stay the
effectiveness of a regulation for the purpose of allowing
appropriate consideration of the petition by the Council.
(B) EXPIRATION.—A stay issued under this paragraph
shall expire on the earlier of—
(i) 90 days after the date of filing of the petition
under subsection (b); or
(ii) the date on which the Council makes a decision
under paragraph (3).
(2) NO ADVERSE INFERENCE.—After the expiration of any
stay imposed under this section, no inference shall be drawn
regarding the validity or enforceability of a regulation which
was the subject of the petition.

LAWS (3) VOTE.— (A) IN GENERAL.—The decision to issue a stay of, or set aside, any regulation under this section shall be madePUBLIC with on anorris VerDate Nov 24 2008 10:40 Sep 02, 2010 Jkt 089139 PO 00203 Frm 00611 Fmt 6580 Sfmt 6581 E:\PUBLAW\PUBL203.111 APPS06 PsN: PUBL203