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H.R. 3189, Fed Oversight Reform and Modernization Act of 2015 1 (November 13, 2015)

handle is hein.congrec/cbo2688 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE November 13, 2015 H.R. 3189 Fed Oversight Reform and Modernization Act of 2015 As ordered reported by the House Committee on Financial Services on July 29, 2015 SUMMARY H.R. 3189 would make a number of changes to the operations of the Federal Reserve System. The changes would include requiring new regulations issued by the Board of Governors of the Federal Reserve to include a cost-benefit analysis that takes into account specified factors; requiring employees of the Board of Governors to follow a system of ethics standards currently applied to employees of the Securities and Exchange Commission; requiring the Federal Open Market Committee to generate and provide to the Congress a monetary policy rule that meets certain requirements, and requiring the Government Accountability Office (GAO) to assess any changes to the rule for compliance with those requirements; restricting the powers of the Board of Governors to conduct emergency lending to firms other than banks; requiring a GAO audit of the Federal Reserve; and requiring the Federal Reserve to include an analysis of the Export- Import Bank in a regularly published statistical release. CBO estimates that enacting H.R. 3189 would reduce revenues by $109 million over the 2016-2025 period. CBO also estimates that the bill would result in an insignificant increase in direct spending. Because the bill affects revenues and direct spending, pay-as- you-go procedures apply. Further, CBO estimates that the bill would increase discretionary spending by $7 million over the 2016-2020 period, assuming appropriation of the necessary amounts. CBO estimates that enacting H.R. 3189 would not increase net direct spending or on- budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2026. H.R. 3189 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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