As ordered reported by the House Committee on Financial Services on July 30, 2014
H.R. 5018 would make a number of changes to the operations of the Federal Reserve System. The changes would include requiring new regulations issued by the Board of Governors to include a cost-benefit analysis that takes into account specified factors; requiring employees of the Board of Governors to follow a system of ethics standards currently applied to employees of the Securities and Exchange Commission; and requiring the Federal Open Market Committee to generate and provide to the Congress a monetary policy rule that meets certain requirements, and the Government Accountability Office (GAO) to assess any changes to the rule for compliance with those requirements.
CBO estimates that enacting H.R. 5018 would reduce revenues by $61 million over the 2015-2024 period; therefore, pay-as-you-go procedures apply. H.R. 5018 would not affect direct spending. Further, CBO estimates that the bill would increase discretionary spending by GAO by $2 million over the 2015-2019 period, assuming appropriation of the necessary amounts.
H.R. 5018 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.