This bill requires financial agencies to clearly state that their guidance documents are not legally binding and do not create rights or obligations.
1. This bill requires financial agencies to include a clarity statement on their guidance documents. 2. The clarity statement will explain that the guidance does not have the force of law. 3. It will also state that not following the guidance does not automatically mean someone broke the law. 4. The bill applies to various financial agencies, including the Department of Treasury and the Securities and Exchange Commission. 5. The goal is to make it clear to the public how financial guidance should be interpreted.
Individuals and businesses that follow guidance from financial agencies will be directly impacted by this bill.