Description:
S. 2860, SAFER Banking Act As reported by the Senate Committee on Banking, Housing, and Urban Affairs on September 28, 2023 By Fiscal Year, Millions of Dollars20242024-20292024-2034Direct Spending (Outlays)01763Revenues00-2Increase or Decrease (-) in the Deficit01765Spending Subject to Appropriation (Outlays)0-171not estimatedIncreases net direct spending in any of the four consecutive 10-year periods beginning in 2035?< $2.5 billionStatutory pay-as-you-go procedures apply?YesMandate EffectsIncreases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?< $5 billionContains intergovernmental mandate?NoContains private-sector mandate?Yes, Under ThresholdThe bill wouldProhibit certain federal actions against state-sanctioned marijuana businessesRequire federal mortgage programs to treat income earned from state-sanctioned marijuana businesses identically to any other legal source of income reported on residential mortgage applicationsRequire certain federal agencies to issue guidance and reportsIncrease the cost of an existing private-sector mandate if federal financial regulators increase annual fees to offset the cost of implementing the billEstimated budgetary effects would mainly stem fromIncreased receipts from federal housing programsChanges in the amount of federally insured depositsIncreased administrative costs for financial regulatorsAreas of significant uncertainty includeAnticipating the terms of guidance to be issued by federal financial regulatorsProjecting changes in deposits and resulting costs for deposit insurance fundsPredicting the responses of financial institutions and state-sanctioned marijuana businessesProjecting the change in mortgage originations for federal programs that would occur under the bill
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