H.R. 957 would direct the President to appoint an Inspector General for the Bureau of Consumer Financial Protection (CFPB) within 60 days of enactment, and would require the CFPB to set aside 2 percent of its annual funding to operate the office of the Inspector General. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act, which established the CFPB, the responsibilities of the Federal Reserve Office of Inspector General (OIG) were broadened to include the CFPB (that office is currently known as the OIG of the Federal Reserve Board of Governors and the CFPB). H.R. 957 would authorize the Federal Reserve OIG to serve in that position until a new Inspector General for the CFPB is confirmed. At that time, the responsibilities of the Federal Reserve OIG would not include oversight of the CFPB.
CBO estimates that enacting H.R. 957 would increase direct spending by $128 million over the 2016-2026 period. Further, enacting H.R. 957 would increase revenues by $61 million over the 2016-2026 period, reflecting lower costs for the Federal Reserve OIG. Taking those effects together, CBO estimates that enacting H.R. 957 would increase budget deficits by $67 million over the 2016-2026 period.
Pay-as-you-go procedures apply because enacting the legislation would affect direct spending and revenues. CBO estimates that implementing H.R. 957 would not affect discretionary costs.
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. 957 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.
