SAFE Guidance Act

This bill makes federal financial agencies add a clear notice to any new guidance they issue. The notice must be on the first page and explain that guidance is not law, does not create rights or duties, is not binding on the agency or the public, and that not following guidance does not automatically mean you broke the law.

Key points

• Who is affected: Federal financial agencies; the companies they regulate; and anyone who reads agency guidance.
• What changes: Every new guidance must include a prominent “guidance clarity statement” with this message: “This guidance does not have the force and effect of law … noncompliance with this guidance does not conclusively establish a violation of applicable law.”
• When: Applies to guidance issued on and after the day the bill becomes law.