H.R. 4841 would direct the Federal Reserve, Federal Deposit Insurance Corporation (FDIC), National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC) to report twice each year on their supervision and regulation of banking entities. Those agencies also would be required to testify before the Congress concerning those reports.
The operating costs for the FDIC, NCUA, and OCC are classified in the federal budget as direct spending. Using information from the affected agencies, CBO estimates that because those agencies already produce much of the required information, implementing H.R. 4841 would cost less than $500,000 annually and would increase gross direct spending by $1 million over the 2020-2029 period. However, the NCUA and OCC collect fees from financial institutions to offset their operating costs. Because those fees are treated as reductions in direct spending, CBO estimates that the net effect on direct spending would be insignificant over the period.
Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting H.R. 4841 would decrease revenues by less than $500,000 over the 2020-2029 period.