About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline
LOG IN
LOG IN

S. 1484, Financial Regulatory Improvement Act of 2015 1 (July 29, 2015)

handle is hein.congrec/cbo2419 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE July 29, 2015 S. 1484 Financial Regulatory Improvement Act of 2015 As reported by the Senate Committee on Banking, Housing, and Urban Affairs on June 2, 2015 SUMMARY S. 1484 would amend federal laws that regulate certain financial institutions and securities markets. Specifically, the legislation would change the process and procedures that federal regulators follow for determining which firms should be designated as systemically important financial institutions (SIFIs), and it would alter a number of provisions of current law that provide protection to consumers of financial products. CBO estimates that enacting the legislation would increase net direct spending by $284 million and reduce revenues by $93 million over the next 10 years, leading to a net increase in the deficit of $377 million over the 2016-2025 period. Some of that cost would be recovered from financial institutions in years after 2025. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. CBO estimates that enacting the legislation would not increase net direct spending or on- budget deficits by at least $5 billion in at least one of the four consecutive 10-year periods beginning in 2026. S. 1484 would amend several provisions of law enforced by the Securities and Exchange Commission (SEC). CBO estimates the implementing those changes would cost about $2 million over the 2016-2020 period. Under current law, the SEC is authorized to collect fees sufficient to offset its annual appropriation; therefore, we estimate the net cost to the SEC would be negligible. S. 1484 contains intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) because it would limit the application of some state laws. The bill would preempt state laws that govern civil liability, nullification of specific types of contracts, and licensure of mortgage originators. Although the bill would limit the application of state laws, it would impose no duty on states that would result in additional spending or a loss of revenues.

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Short-term subscription options include 24 hours, 48 hours, or 1 week to HeinOnline.

Purchase Access

Contact us for annual subscription options:

Contact Us

Already a HeinOnline Subscriber?

Log In

profiles profiles most