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H.R. 373 Unfunded Mandates Information and Transparency Act of 2011 1 (March 28, 2012)

handle is hein.congrec/cbo10717 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 28, 2012 H.R. 373 Unfunded Mandates Information and Transparency Act of 2011 As ordered reported by the House Committee on Oversight and Government Reform on November 17, 2011 SUMMARY H.R. 373 would amend the Unfunded Mandates Reform Act of 1995 (UMRA) to increase the information available to the Congress and the public with respect to federal mandates contained in proposed legislation and federal regulations. Enacting this legislation would codify in UMRA many practices currently required of most federal agencies when analyzing the impacts of regulations. The bill also would require independent regulatory agencies to perform broad analyses (including costs and benefits) of regulations by requiring those agencies to comply with standards established in UMRA relating to the rule making process. The legislation would amend the Congressional Budget Act to establish a point of order, which a Member of Congress may raise, against legislation that creates a private-sector mandate with costs above the threshold established in UMRA.' In addition, the legislation would require CBO to conduct assessments of costs to state, local, and tribal governments resulting from any changes to conditions of certain federal assistance programs. CBO estimates that the new requirements placed on independent regulatory agencies, such as the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), would require additional resources to carry out. Net spending by the Federal Reserve is recorded in the federal budget as a change in revenues, and expenses of the FDIC are classified as direct spending; therefore, pay-as-you-go procedures apply. CBO estimates that enacting the legislation would decrease revenues by $1 million in 2014 and $9 million over the 20 13-2022 period. CBO estimates that enacting H.R. 373 would result in no net effect on direct spending over the 20 14-2022 period because costs incurred by the FDIC would be offset by premiums collected from insured depository institutions. Assuming the 1. The intergovernmental and private-sector thresholds established in UMRA were $50 million and $100 milliun, respectively in 1996, adjusted annually for inflation. In 2012, the thresholds are $73 million for intergovernmental mandates and $146 million for private-sector mandates.

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