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H.R. 3770, Bureau of Consumer Financial Protection - Inspector General Reform Act of 2013 1 (November 3, 2014)

handle is hein.congrec/cbo1974 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE November 3, 2014 H.R. 3770 Bureau of Consumer Financial Protection-Inspector General Reform Act of 2013 As ordered reported by the House Committee on Financial Services on June 11, 2014 SUMMARY H.R. 3770 would direct the President to appoint an Inspector General for the Bureau of Consumer Financial Protection (CFPB) within 60 days of enactment, and would require the CFPB to set aside 2 percent of its annual funding to operate the office of the Inspector General. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the CFPB, the responsibilities of the Federal Reserve Office of Inspector General (OIG) were broadened to include the CFPB (that office is currently known as the OIG of the Federal Reserve Board of Governors and the CFPB). H.R. 3770 would authorize the Federal Reserve OIG to serve in that position until a new Inspector General for the CFPB is confirmed. At that time, the responsibilities of the Federal Reserve OIG would not include oversight of the CFPB. CBO estimates that enacting H.R. 3770 would increase direct spending by $100 million over the 2015-2024 period. Further, enacting H.R. 3770 would increase revenues by $51 million over the 2015-2024 period, reflecting lower costs for the Federal Reserve OIG. Taking those effects together, CBO estimates that enacting H.R. 3770 would increase budget deficits by $49 million over the ten-year period. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. CBO estimates that implementing H.R. 3770 would not affect discretionary costs. H.R. 3770 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.

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