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H.R. 3738, Office of Financial Research Accountability Act of 2015 1 (May 3, 2016)

handle is hein.congrec/cbo2895 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE May 3, 2016 H.R. 3738 Office of Financial Research Accountability Act of 2015 As ordered reported by the House Committee on Financial Services on November 4, 2015 SUMMARY H.R. 3738 would direct the Office of Financial Research (OFR) to develop a detailed work plan for the upcoming fiscal year and to publish all reports completed by the office's researchers and financial analysts. In addition the bill would impose a new consultation requirement for all public reports produced by the OFR and would establish a formal notice and public comment period before the agency could issue a final report. Finally, under the bill, the OFR would prepare and implement a cybersecurity plan to protect the data the office possesses. The bill also would direct the Government Accountability Office (GAO) to audit the OFR's cybersecurity plan and its implementation. CBO estimates that enacting H.R. 3738 would increase direct spending by $32 million and revenues by $28 million over the 2017-2026 period. On net, CBO estimates that enacting the bill would increase budget deficits by $4 million over the 10-year period. 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 more than $5 billion in any of the four consecutive 10-year periods beginning in 2027. H.R. 3738 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. ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary effect of H.R. 3738 is shown in the following table. The costs of this legislation fall within budget function 370 (commerce and housing credit).

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