Page:United States Statutes at Large Volume 124.djvu/2011

 124 STAT. 1985 PUBLIC LAW 111–203—JULY 21, 2010 reflect available evidence and any data that the Bureau reason- ably may collect. (2) REPORTS.—The Bureau shall publish a report of its 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. (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 10 days after the date on which the regulation has been published in the Federal Register. (2) PUBLICATION.—Any petition filed with the Council under this section shall be published in the Federal Register 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. (3) VOTE.— (A) IN GENERAL.—The decision to issue a stay of, or set aside, any regulation under this section shall be made Federal Register, publication. Deadline. 12 USC 5513. Publication.