About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

H.R. 1694, Fannie and Freddie Open Records Act of 2017 1 (April 21, 2017)

handle is hein.congrec/cbo3507 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE April 21, 2017 H.R. 1694 Fannie and Freddie Open Records Act of 2017 As ordered reported by the House Committee on Oversight and Government Reform on March 28, 2017 H.R. 1694 would amend the Freedom of Information Act (FOIA) to make its provisions apply to Fannie Mae and Freddie Mac when the two entities are in federal conservatorship or receivership. Under current law, Fannie Mae and Freddie Mac (the entities) are not subject to FOIA because they are not federal agencies. Under the bill, the two entities would be directed to accept and process FOIA requests from the public and to release information to satisfy those requests as long as they are in federal conservatorship. Based on information provided by the two entities, the Federal Housing Finance Agency (FHFA), and annual FOIA costs incurred by other federal agencies, CBO estimates that administrative costs for Fannie Mae, Freddie Mac, and FHFA would increase under the bill. All of the net costs would be borne by Fannie Mae and Freddie Mac because FHFA would assess fees on the two entities to cover its costs. CBO estimates that enacting the legislation would increase direct spending by $10 million over the 2018-2027 period; therefore, pay-as-you go procedures apply. Enacting the bill would not affect revenues. Fannie Mae's and Freddie Mac's administrative costs would increase because each entity would need to hire staff to review FOIA requests, gather relevant information, evaluate the information to determine if it is exempt from disclosure under FOIA, and release the nonexempt information to satisfy such requests. Each entity also would need to expand data processing tools and systems to electronically search and compile relevant data and documents. Finally, the entities would need to hire staff to handle appeals that arise when information is withheld because the entity considers it to be exempt from disclosure under FOIA. Based on an analysis of information provided by the entities and FHFA, and the costs incurred by federal agencies to comply with FOIA, CBO estimates that administrative costs would increase by $40 million in 2018 because Fannie Mae and Freddie Mac likely would employ outside firms to accept, evaluate, and respond to FOIA requests while simultaneously building internal capacity to perform that work with their own employees. Once the organization's internal FOIA offices are operating, administrative costs would total about $30 million annually, CBO estimates. Those estimates include additional costs

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most