Description:
Under current law, the Bureau of Consumer Financial Protection (CFPB) is permanently authorized to spend amounts transferred from the Federal Reserve, subject to certain limits. H.R. 1486 would change the law so that spending for the CFPB would be subject to the annual appropriation process. The bill would authorize the appropriation of $485 million for fiscal year 2017, the amount provided by the Federal Reserve in fiscal year 2015.
CBO estimates that enacting H.R. 1486 would reduce direct spending by $6.6 billion over the 2017-2026 period; therefore, pay-as-you-go procedures apply. (Enacting the bill would not affect revenues.) CBO estimates that implementing the bill would cost $485 billion over the 2017-2021 period, assuming appropriation of the specified amount.
CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits in one or more of the four consecutive 10-year periods beginning in 2027.
H.R. 1486 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.
