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H.R. 10, Manager's Amendment for the Financial CHOICE Act 1 (June 6, 2017)

handle is hein.congrec/cbo3543 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Keith Hall, Director U.S. Congress Washington, DC 20515 June 6, 2017 Honorable Jeb Hensarling Chairman Committee on Financial Services U.S. House of Representatives Washington, DC 20515 Re: Cost estimate for the manager's amendment to H.R. 10, the Financial CHOICE Act, as posted on the website of the House Committee on Rules on May 26, 2017. Dear Mr. Chairman: As you requested, the Congressional Budget Office (CBO) has reviewed the manager's amendment for H.R. 10, the Financial CHOICE Act. CBO's estimate of the budgetary effects of enacting the amended bill are included in the enclosed table. CBO and the staff of the Joint Committee on Taxation estimate that changes in direct spending and revenues from enacting the manager's amendment would reduce budget deficits by $33.6 billion over the 2017-2027 period. That estimate of reduced deficits is $9.5 billion more than the estimated amount of deficit reduction under H.R. 10 as ordered reported by the House Committee on Financial Services on May 4, 2017. The amendment's savings are composed of a reduction in direct spending of $30.8 billion and an increase in revenues of $2.8 billion. Most of that budgetary savings would come from eliminating the Federal Deposit Insurance Corporation's authority to use the Orderly Liquidation Fund and changing how the Consumer Financial Protection Bureau and certain other financial regulators are funded. CBO estimates that implementing H.R. 10 also would cost $11.6 billion over the 2017-2027 period, subject to appropriation of the necessary amounts. Enacting the amendment would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027. CBO's previous cost estimate of H.R. 10 explains the basis for most of the budgetary effects of the manager's amendment as well. 1 1. See: htlps://wwwcbo),/publication/52738 for additional information about the budgetary effects of the major provisions of the Financial CHOICE Act.

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