The NCUA and other financial regulators would have to perform more rigorous analyses of prospective regulations and not issue them if they determine if the costs outweigh the benefits, according to a bill introduced by Sen. Richard Shelby (R-Ala.), the top Republican on the Senate Banking Committee.

“More American workers will lose their jobs as Washington bureaucrats implement the Democrats' vision of a federally supervised economy. My colleagues and I are simply proposing that each financial regulator determine whether the economic cost of a new regulation exceeds its economic benefit,” Shelby said in a statement.

The bill, which has nine cosponsors all of whom are Republicans, would also establish a council of chief economists of nine financial regulators aimed at improving the quality of economic analysis and to ensure that the financial regulators work together to understand the impact of financial regulations are having on the economy.