The TAILOR Act (HR 1116), which passed the House of Representative on March 14, 2018, appears to promote implementation of the risk-based approach by bank regulators. It requires federal bank regulators to take “risk profiles and business models” of financial institutions into account when taking regulatory action. Regulators would be required to determine the appropriateness and impact of regulatory action and tailor regulatory action to limit compliance impact, cost, etc. via a risk profile. Regulaory action is defined as "any proposed, interim, or final rule or regulation, guidane, or published interpretation." The agencies would also have to review all rules promulgated in past seven years and make them consistent with this standard. The bill was sent to the Senate and referred to the Banking Committee. A companion bill, (S 366) was filed in the Senate in 2017 by Sen. Mike Rounds (R-SD). Democrats on the House committee filed a minority report opposing the bill because it could result in litigation by banks that would tie up the regulatory system.