The main purpose of this legislation is to improve the process by which the Bureau of Consumer Financial Protection (CFPB) creates regulations. It aims to ensure that the CFPB's rulemaking is transparent and that the potential impacts of proposed regulations are thoroughly assessed. Key provisions of the legislation require the CFPB to include detailed information in its proposed rules. This includes explaining the need for the regulation, why existing market solutions are insufficient, and whether the proposed rule overlaps with other regulations.