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H.R. 2947, Financial Institution Bankruptcy Act of 2016 1 (March 21, 2016)

handle is hein.congrec/cbo2846 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 21, 2016 H.R. 2947 Financial Institution Bankruptcy Act of 2016 As ordered reported by the House Committee on the Judiciary on February 11, 2016 SUMMARY H.R. 2947 would establish a new bankruptcy process for certain financial institutions with assets of more than $50 billion. The new process could assist institutions that may be too complex to resolve a bankruptcy under existing laws. CBO estimates that enacting the legislation would have no significant effect on the federal budget. Pay-as-you-go procedures apply because enacting the legislation could affect direct spending and revenues related to bankruptcy proceedings and other programs aimed at resolving the failure of banks and other financial firms. However, CBO estimates that those effects would not be significant. CBO estimates that enacting H.R. 2947 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year period beginning in 2027. H.R. 2947 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). H.R. 2947 would impose a private-sector mandate, as defined in UMRA, on entities that have certain types of contracts with bank holding companies or large financial institutions that have entered the bankruptcy process established under the bill. Because of uncertainty about both the number and size of contracts that would be affected and the amount of losses that would occur as a result of this provision, CBO cannot determine whether the cost of the mandate would exceed the threshold established in UMRA for private-sector mandates ($154 million in 2016, adjusted for inflation).

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