H.R. 1266 would replace the Director of the Consumer Financial Protection Bureau (CFPB) with a commission made up of a chairman and four additional members appointed by the President and confirmed by the Senate. The bill would rename the bureau as the Financial Product Safety Commission, which would have the same responsibilities as the CFPB has under current law. H.R. 1266 also would direct the Federal Reserve to transfer $75 million from its surplus account to the Treasury.
Based on information from the CFPB and the Federal Reserve System, CBO estimates that enacting H.R. 1266 would increase direct spending by $77 million and revenues by $47 million over the 2016-2026 period. Taking those effects together, CBO estimates that enacting H.R. 1266 would increase the deficit by $30 million over the 2016-2026 period. Because the bill would affect direct spending and revenues, pay-as-you-go procedures apply.
CBO estimates that enacting the legislation would not increase net direct spending or on-budget deficits by more than $5 billion in any of the four consecutive 10-year periods beginning in 2027.
H.R. 1266 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.
