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1 H.R. 5841, Foreign Investment Risk Review Modernization Act of 2018 1 (September 4, 2018)

handle is hein.congrec/cbofivrkw0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE September 4, 2018 H.R. 5841 Foreign Investment Risk Review Modernization Act of 2018 As passed the U.S. House of Representatives on June 26, 2018 H.R. 5841 aims to expand, modernize, and strengthen the operations of the Committee on Foreign Investment in the United States (CFIUS), an interagency committee that considers the national security implications of foreign investment in the United States. In addition, the act would codify and make small changes to the existing export control system and would delay the effective date of a regulation issued by the National Credit Union Administration (NCUA). CBO estimates that implementing all provisions of H.R. 5841, other than title VII, would have no significant effect on the federal budget because similar provisions have recently been enacted. Enacting title VII would affect direct spending; therefore, pay-as-you-go procedures apply. However, CBO estimates that those provisions would have no net cost over the 2019-2023 period. Enacting H.R. 5841 would not affect revenues. CBO estimates that enacting H.R. 5841 would not increase net direct spending or on- budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 5841 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). Additional fees assessed by the NCUA to offset the costs associated with implementing the bill would increase the cost of an existing mandate on the federally chartered credit unions that are required to pay those fees. CBO estimates that those costs would fall below the annual threshold established in UMRA for private-sector mandates ($160 million in 2018, adjusted annually for inflation). ESTIMATED COST TO THE FEDERAL GOVERNMENT The estimated budgetary effect of H.R. 5841 is shown in the following table. The costs of the legislation fall within budget function 370 (commerce and housing credit).

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