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EconomyH.R. 2524Not Yet VotedComments

REPEAL CBO Requirements Act

Official title: To amend the Congressional Budget and Impoundment Control Act of 1974 to provide that Congress may request estimates of legislation from reputable accounting firms for purposes of budget enforcement, and for other purposes.

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What Happened in Congress?

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Where the Bill Stands

  1. Introduced, done
  2. Committee, current stage
  3. Floor Vote, not yet
  4. Outcome, not yet

What This Bill Does

This bill allows certain congressional committees to obtain cost estimates for legislation from private reputable accounting firms rather than the Congressional Budget Office (CBO).

Under current law, CBO is generally required to produce cost estimates for most bills that are reported by congressional committees. This bill allows chairs of congressional committees (except the appropriations committees) to obtain estimates for reported legislation from a private reputable accounting firm instead of CBO. Under the bill, a private reputable accounting firm means any of the 10 public accounting firms registered with the Public Company Accounting Oversight Board with the largest net revenue during the previous year.

If a committee chair obtains an estimate from a private accounting firm pursuant to this bill, (1) the estimate must be used for budget enforcement purposes, and (2) CBO may not prepare an estimate for the applicable measure.

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Related Documents

Bill on Congress.govWeb Page ↗ (opens in a new tab)

Timeline

  1. Library of CongressIntroduced in House
  2. House floor actionsReferred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
  3. Introduced
  4. Committee

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