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H.R. 4466, Financial Regulatory Clarity Act of 2014 1 (October 17, 2014)

handle is hein.congrec/cbo1976 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE 0 COST ESTIMATE October 17, 2014 H.R. 4466 Financial Regulatory Clarity Act of 2014 As ordered reported by the House Committee on Financial Services on May 22, 2014 H.R. 4466 would require federal financial regulators to determine whether any new regulations or orders are duplicative or inconsistent with existing rules. The regulators would be required to report to the Congress within 60 days of making such a determination. Based on information from the Consumer Financial Protection Bureau, CBO estimates that enacting H.R. 4466 would increase direct spending by $7 million over the 2015-2024 period to meet the bill's analysis and reporting requirements. In the case of the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, and the National Credit Union Administration, additional staff costs would probably be offset by collections from the industry, resulting in no net change to direct spending for those agencies. Based on information from the Federal Reserve System, CBO estimates that enacting the bill would reduce its 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 $1 million in each subsequent year, reflects increased costs for the Federal Reserve System to make the determinations and file the reports required by the bill. Because enacting the bill would affect direct spending and revenues, pay-as-you-go procedures apply. CBO estimates that enacting H.R. 4466 would increase future budget deficits by $14 million over the 2015-2024 period.

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