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1 H.R. 2219, End Banking for Human Traffickers Act of 2017 1 (February 15, 2018)

handle is hein.congrec/enbkhucf0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE C COST ESTIMATE February 15, 2018 H.R. 2219 End Banking for Human Traffickers Act of 2017 As ordered reported by the House Committee on Foreign Affairs on December 14, 2017 H.R. 2219 would require the existing Interagency Task Force to Monitor and Combat Trafficking (Interagency Task Force) to recommend methods to combat money laundering related to human trafficking and to submit those recommendations to the Congress, the Secretary of the Treasury, and federal banking agencies. In addition, the bill would require the Department of State to add information about programs to deter such money laundering to its periodic reports on human trafficking. Using information about the costs of preparing similar reports, CBO estimates that implementing the bill would cost less than $500,000 over the 2018-2022 period to develop the analysis and recommendations required under the bill. Such spending would be subject to the availability of appropriated funds. H.R. 2219 also would direct the Federal Financial Institutions Examination Council (FFIEC) to review and evaluate examination procedures for financial institutions regarding efforts to counter money laundering and the detection of financial transactions related to human trafficking. Using information from the affected financial regulatory agencies, CBO estimates that reviewing and evaluating the procedures would cost $1 million over the 2018-2020 period. Review and evaluation costs incurred by the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency are recorded in the budget as increases in direct spending, but those agencies are authorized to collect premiums and fees from the financial institutions they regulate to cover such administrative expenses. Thus, CBO estimates enacting H.R. 2219 would increase net direct spending by a negligible amount over the 2018-2020 period. Review and evaluation costs incurred by the Federal Reserve System, also an FFIEC member, to implement the bill would reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting H.R. 2219 would decrease revenues by less than $500,000 over the 2018-2020 period.

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