Description:
Under current law, the Vice Chairman for Supervision of the Board of Governors of the Federal Reserve System is required to appear before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings. H.R. 4753 would amend the Federal Reserve Act to require the Chairman or their designee to appear and submit written testimony if the position of Vice Chairman for Supervision is vacant. CBO estimates that implementing the legislation would not significantly affect the budget of the Federal Reserve System. The position of Vice Chairman for Supervision of the Board of Governors is currently filled. Any future costs to provide written testimony, or to have the Chairman or their designee provide testimony should the position of Vice Chairman for Supervision become vacant, would be insignificant. CBO estimates that the legislation would not affect direct spending. Changes to the costs of the Federal Reserve System could affect Federal Reserve remittances to the Treasury, which are recorded in the budget as revenues. Because enacting the legislation would affect revenues, pay-as-you-go procedures apply. However, CBO estimates that any net changes in revenues would not be significant. CBO estimates that enacting H.R. 4753 would not significantly increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 4753 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.
