Vote Smart's Synopsis:

Vote to pass a bill that amends the Congressional Budget Act of 1974 and the Unfunded Mandates Act of 1995 to place restrictions on and limit unfunded federal mandates.

Highlights:

• Specifies that a committee chairman or ranking minority member in either the House or Senate may request the Congressional Budget Office conduct an assessment comparing the authorized level of funding necessary in a bill or resolution to the prospective costs of carrying out that same bill or resolution (Sec. 3).

• Amends the definition of “Direct Cost” for unfunded mandates to require the inclusion of the following, including, but not limited to (Sec. 4):

• Forgone business profits; or

• Costs passed onto customers or other entities.

• Repeals the exemption for reporting requirements under the Unfunded Mandates Reform Act of 1995 for independent regulatory agencies, with an exception for the following, including, but not limited to (Sec. 5):

• The Board of Governors of the Federal Reserve System;

• The Federal Open Market Committee; or

• The Consumer Financial Protection Bureau.

• Specifies that a state or private agency seeking to implement a policy rule change for a federal mandate that could have an annual effect on state, local, or tribal governments of over $1 million have the following information in their written proposal, including, but not limited to (Sec. 9):

• A draft text of the rule along with a detailed description of why the rule is needed;

• An assessment of the potential costs and benefits of the proposed rule; and

• Estimates by the agency on if the determined costs are reasonably feasible.

Full Bill Text

Full Bill Text

Full Bill Text