H.R. 3189 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 of the Federal Reserve 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; requiring the Federal Open Market Committee to generate and provide to the Congress a monetary policy rule that meets certain requirements, and requiring the Government Accountability Office (GAO) to assess any changes to the rule for compliance with those requirements; restricting the powers of the Board of Governors to conduct emergency lending to firms other than banks; requiring a GAO audit of the Federal Reserve; and requiring the Federal Reserve to include an analysis of the Export-Import Bank in a regularly published statistical release.
CBO estimates that enacting H.R. 3189 would reduce revenues by $109 million over the 2016-2025 period. CBO also estimates that the bill would result in an insignificant increase in direct spending. Because the bill affects revenues and direct spending, pay-as-you-go procedures apply. Further, CBO estimates that the bill would increase discretionary spending by $7 million over the 2016-2020 period, assuming appropriation of the necessary amounts.
CBO estimates that enacting H.R. 3189 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 2026.
H.R. 3189 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments.