Sponsors (10)
The bill aims to reduce regulatory ambiguity by replacing an unclear reference with a numeric citation, which should lower litigation and administrative burden for banks and regulators, but a wrong substitution or lack of implementation guidance could cause temporary compliance costs and legal uncertainty.
Financial institutions, state governments, and federal regulators will have clearer statutory language because an ambiguous reference is replaced with a numeric citation, reducing interpretive uncertainty and likely lowering litigation and administrative burdens.
If the substituted numeric reference is incorrect or inconsistent with legislative intent, banks and regulators could face confusion and compliance costs until the mistake is corrected, imposing costs on financial institutions and potentially taxpayers.
Because the section provides no implementation guidance, courts or agencies may need to interpret the change, producing short-term legal uncertainty and administrative burden for financial institutions and federal employees.
Based on analysis of 2 sections of legislative text.
Makes narrow textual substitutions in two banking statutes (inserting “15” in one place and altering text in another), with no new programs or funding.
Amends two federal banking statutes by changing wording in specific sentences of existing law. One amendment replaces an unspecified term with the number “15” in the fifth sentence of the paragraph codified at 12 U.S.C. 24; the other amendment likewise substitutes text in the fifth sentence of a paragraph of 12 U.S.C. 338a but the replacement text is blank in the provided language. The changes are purely textual substitutions and do not create new programs, appropriate funds, set deadlines, or impose new duties.
Introduced July 24, 2025 by Tim Scott · Last progress July 24, 2025