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H.R. 4096, Investor Clarity and Bank Parity Act 1 (March 24, 2016)

handle is hein.congrec/cbo2848 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 24, 2016 H.R. 4096 Investor Clarity and Bank Parity Act As ordered reported by the House Committee on Financial Services on March 2, 2016 H.R. 4096 would amend current law, known as the Volker Rule, to allow certain types of financial firms-hedge funds and private equity funds (known as covered funds under the rule)-to have the same name as an insured depository institution or its affiliate. As a result, the federal banking regulators-the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve-along with the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC)-would be required to revise current regulations concerning allowable naming conventions. Direct Spending and Revenues Costs incurred by the FDIC and the OCC are recorded in the budget as an increase in direct spending. Those two agencies are authorized to collect premiums and fees from insured depository institutions to cover administrative expenses. CBO expects that they would do so to recover any costs associated with amending current regulations under the bill. Costs to the Federal Reserve System are reflected on the federal budget as a reduction in remittances to the Treasury (which are recorded in the budget as revenues). CBO estimates that any additional administrative costs to the Federal Reserve under the bill would be insignificant. Because enacting H.R. 4096 would affect direct spending and revenues, pay-as-you-go procedures apply. However, CBO estimates that the net effects would be insignificant for each year. CBO estimates that enacting H.R. 4096 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027.

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