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H.R. 4811, Bureau Guidance Transparency Act 1 (August 19, 2014)

handle is hein.congrec/cbo1908 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE August 19, 2014 H.R. 4811 Bureau Guidance Transparency Act As ordered reported by the House Committee on Financial Services on June 11, 2014 SUMMARY H.R. 4811 would require the Bureau of Consumer Financial Protection (CFPB) to provide notice to the public and to establish a period for comment before issuing a guidance document in final form. Further, the bill would direct the CFPB to make available all studies, data, and other information that was used in preparing and issuing a guidance document. The CFPB is permanently authorized to spend amounts transferred from the Federal Reserve System; because that funding is not subject to appropriation, the CFPB's expenditures are recorded in the budget as direct spending. CBO estimates that implementing the bill's requirements would cost the CFBP $49 million over the 2015-2024 period, thus increasing direct spending by that amount; therefore, pay-as-you-go procedures apply. Enacting H.R. 4811 would not affect revenues and implementing the bill would not affect spending subject to appropriation. H.R. 4811 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments. ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary impact of H.R. 4811 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit).

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