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1 H.R. 3179, Transparency and Accountability for Business Standards Act 1 (March 28, 2018)

handle is hein.congrec/cbomaybl0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE March 28, 2018 H.R. 3179 Transparency and Accountability for Business Standards Act As ordered reported by the House Committee on Financial Services on December 13, 2017 SUMMARY H.R. 3179 would require three federal banking regulators-the Federal Deposit Insurance Corporation (FDIC), the Office of the Comptroller of the Currency (OCC), and the Federal Reserve-to conduct and publish cost-benefit analyses of any new regulations they implement related to capital requirements, leverage requirements, or liquidity requirements that are substantively more stringent than corresponding international standards. The bill also would require those regulators to complete cost-benefit analyses for any similar regulations they have implemented since January 2007. CBO estimates that enacting the legislation would increase the deficit by $8 million over the 2018-2027 period. That amount comprises an increase in direct spending of $4 million and a reduction in revenues of $4 million. Because enacting the bill would affect direct spending and revenues, pay-as-you-go procedures apply. CBO estimates that enacting H.R. 3179 would not increase net direct spending or on- budget deficits by more than $2.5 billion in any of the four consecutive 10-year periods beginning in 2028. H.R. 3179 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). Additional fees imposed by the FDIC and the OCC would increase the cost of an existing mandate on private entities required to pay those assessments. However, CBO estimates that the incremental cost of the mandate would fall well below the annual threshold established in UMRA for private-sector mandates ($156 million in 2017, adjusted for inflation).

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