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1 H.R. 3614, Restricting Credit Checks for Employment Decisions Act 1 (September 27, 2019)

handle is hein.congrec/cborestcd0001 and id is 1 raw text is: \ Congressional Budget Office \ Cost Estimate September 27, 2019 By Fiscal Year, Millions of Dollars 2019 2019-2024 2019-2029 Direct Spending (Outlays) Revenues Deficit Effect 0 0 0 1 1 0 1 0 1 H.R. 3614 would allow consumer reporting agencies (CRAs) to provide consumer credit reports to employers for use in making employment decisions about current or prospective employees, only if such a report is required by a federal, state, or local law or regulation. Reports used in connection with a national security investigation also would be allowed. The bill also would prohibit employers from directly or indirectly requiring a current or prospective employee to submit credit information as a condition of employment. The Consumer Financial Protection Bureau (CFPB) would issue rules to implement the bill's requirements. Using information from the CFPB, CBO estimates that the agency would need four additional employees at an annual cost of $200,000 per employee to issue rules in the first year after enactment. Thus, CBO estimates that enacting H.R. 3614 would cost $1 million over the 2019-2029 period. The CFPB is permanently authorized to receive whatever amounts it needs from the Federal Reserve to carry out its operations; it may spend those amounts without appropriation. H.R. 3614 contains private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). CBO estimates that the cost of the mandates would be below the threshold established in UMRA ($164 million in 2019, adjusted annually for inflation). 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/publication/42904.

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