REPEAL CBO Requirements Act
REPEAL CBO Requirements Act
Plain Language Summary
# REPEAL CBO Requirements Act Summary **What the Bill Would Do** This bill would allow congressional committee chairs to get cost estimates for proposed legislation from private accounting firms instead of the Congressional Budget Office (CBO). Currently, the CBO is required to estimate how much bills will cost the government. Under this proposal, committee chairs (except those on appropriations committees) could choose to use one of the 10 largest accounting firms instead. The private firm's estimate would then be used alongside or instead of CBO estimates for budget discussions. **Who It Affects and Key Provisions** The bill primarily affects Congress and how it evaluates proposed legislation.
It gives committee chairs more flexibility in choosing who provides cost estimates, potentially allowing for faster estimates from private firms. However, it does not eliminate CBO estimates—committees could still request them. The bill specifically limits this option to the 10 largest public accounting firms, which are already regulated by federal oversight boards. **Current Status** The bill is currently in committee and has not yet been voted on by the full House. As legislation in the early stages, it would require approval from the relevant committee and then a full House vote before moving to the Senate for consideration.
CRS Official Summary
Replacing Exploitative Partisan Estimates with Alternatives by Liquidating Congressional Budget Office Requirements or the REPEAL CBO Requirements ActThis 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.
Latest Action
Referred 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.