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1 H.R. 6751, Banking Transparency for Sanctioned Persons Act of 2018 1 (September 27, 2018)

handle is hein.congrec/cbobktsp0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE September 27, 2018 H.R. 6751 Banking Transparency for Sanctioned Persons Act of 2018 As passed by the House of Representatives on September 26, 2018 H.R. 6751 would require the Department of the Treasury to report twice a year to the Congress on any licenses the department issued to financial institutions that permits them to work with nations that sponsor terrorist activities and the names of any financial institutions working with sanctioned persons. Some specified activities would be exempt from this reporting requirement. The reporting requirement would end seven years after enactment. Using information from the department, CBO estimates that implementing H.R. 6751 would not impose a significant administration burden and would thus have no significant cost. Enacting the H.R. 6751 would not affect direct spending and revenues; therefore, pay-as- you-go procedures do not apply. CBO estimates that enacting H.R. 6751 would not increase net direct spending or on- budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 6751 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. The CBO staff contact for this estimate is Matthew Pickford. This estimate was reviewed by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis.

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