As reported by the Senate Committee on Banking, Housing, and Urban Affairs on September 28, 2023
By Fiscal Year, Millions of Dollars
2024
2024-2029
2024-2034
Direct Spending (Outlays)
0
17
63
Revenues
0
0
-2
Increase or Decrease (-) in the Deficit
0
17
65
Spending Subject to Appropriation (Outlays)
0
-171
not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2035?
< $2.5 billion
Statutory pay-as-you-go procedures apply?
Yes
Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2035?
< $5 billion
Contains intergovernmental mandate?
No
Contains private-sector mandate?
Yes, Under Threshold
The bill would
Prohibit certain federal actions against state-sanctioned marijuana businesses
Require federal mortgage programs to treat income earned from state-sanctioned marijuana businesses identically to any other legal source of income reported on residential mortgage applications
Require certain federal agencies to issue guidance and reports
Increase the cost of an existing private-sector mandate if federal financial regulators increase annual fees to offset the cost of implementing the bill
Estimated budgetary effects would mainly stem from
Increased receipts from federal housing programs
Changes in the amount of federally insured deposits
Increased administrative costs for financial regulators
Areas of significant uncertainty include
Anticipating the terms of guidance to be issued by federal financial regulators
Projecting changes in deposits and resulting costs for deposit insurance funds
Predicting the responses of financial institutions and state-sanctioned marijuana businesses
Projecting the change in mortgage originations for federal programs that would occur under the bill
