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H.R. 4387, FSOC Transparency and Accountability Act 1 (September 16, 2014)

handle is hein.congrec/cbo1935 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 16, 2014 H.R. 4387 FSOC Transparency and Accountability Act As ordered reported by the House Committee on Financial Services on June 20, 2014 H.R. 4387 would allow all members of the governing bodies of certain agencies that are represented on the Financial Stability Oversight Council (FSOC)-the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Board of Governors of the Federal Reserve System (FRS), the Federal Deposit Insurance Corporation (FDIC), and the National Credit Union Administration (NCUA)-to become voting members of the FSOC. The bill, however, would allow only a single vote to be cast by each entity. Further, H.R. 4387 would require each of those entities to determine its vote on FSOC issues following the voting process already in place at each agency. The bill also would require the FSOC to comply with the Federal Advisory Committee Act (FACA) and to follow the Government in the Sunshine Act, which allows members of the public access, with certain exceptions, to agency meetings. CBO estimates that enacting H.R. 4387 would reduce revenues by $7 million and increase direct spending by an insignificant amount over the 2015-2024 period. We estimate that implementing the bill would increase net discretionary costs by $3 million over the 2015-2019 period. Because enacting H.R. 4387 would affect both direct spending and revenues, pay-as-you-go procedures apply. Based on information from the Federal Reserve, CBO estimates that H.R. 4387 would reduce the Federal Reserve's remittances to the Treasury, and therefore revenues, by $7 million over the 2015-2024 period. That reduction in revenue, which would amount to less than $500,000 in 2015 and about $1 million in each subsequent year, reflects increased costs for the Federal Reserve to hire additional staff to support members of the Board of Governors regarding voting on items to be considered by the FSOC. Based on information from the Department of the Treasury, FDIC, and NCUA, CBO estimates that enacting H.R. 4387 would have an insignificant effect on net direct spending over the 2015-2024 period. CBO expects FDIC and NCUA would spend less than $500,000 per year to provide support to members of the governing board that would be voting on items to be considered by FSOC; further, those costs would be offset by fees charged by those agencies. CBO expects the annual costs to FSOC to comply with the new

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