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1 H.R. 295, End Banking for Human Traffickers Act of 2019 1 (March 25, 2019)

handle is hein.congrec/cboendbnk0001 and id is 1 raw text is: Congressional Budget Office ' 7Cost Estimate vuMnIoS OT uonars 2019 Direct Spending (Outlays) Revenues Deficit Effect 2019-2024 0 0 0 March 25, 2019 2019-2029 * * * * * * H.R. 295 would require multiple agencies to undertake new efforts to combat the financing of human trafficking. Specifically, the bill would require: * The Federal Financial Institutions Examination Council (FFIEC) to review and enhance training for financial institution examiners, the examination procedures, and the procedures used to refer potential human trafficking cases to law enforcement agencies; * The Interagency Task Force to Monitor and Combat Trafficking to analyze U.S. efforts to fight money laundering related to human trafficking and recommend actions to strengthen those efforts to the Congress and federal banking agencies; and * The Department of the Treasury to designate an office to coordinate government efforts to combat the financing of human trafficking. The FFIEC is a formal interagency body comprising the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Federal Reserve), and the Consumer Financial Protection Bureau (CFPB). Using information from the FDIC, the NCUA, and the OCC about the level of effort needed to carry out those activities, CBO estimates that enacting H.R. 295 would increase direct spending by about $1 million over the 2019-2029 period. However, those agencies are authorized to collect premiums and fees from the financial institutions they regulate to cover their direct See also CBO's Cost Estimates Explained, www.cbo.gov/publication/54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo.gov/publicationi42904.

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