The Congressional Budget Office (CBO) on April 20 issued a report saying that two measures introduced in the House earlier this year that would require congressional approval of the Department of Labor’s (DOL) fiduciary rule and would provide alternative fiduciary protection for consumers would have a negligible effect on federal revenues.
The Affordable Retirement Advice Protection Act (H.R. 4293) introduced by Rep. Phil Roe (R-Tenn.) and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act (H.R. 4294) introduced by Rep. Peter Roskam (R-Ill.) were reported to the full House by the Committee on Education and the Workforce on April 20; the Ways and Means Committee reported H.R. 4294 on April 20 as well.
The CBO and the staff of the Joint Committee on Taxation (JCT) looked at the effect H.R. 4293 would have for the period 2017-2026, and estimate that enacting the bill would not affect direct spending and that pay-as-you-go procedures would apply. They said that the bill would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027. They added that H.R. 4293 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.
The CBO had issued a report on H.R. 4294 on Feb. 10, 2016, that reached similar conclusions regarding the effects of the measure would have if enacted.
The Affordable Retirement Advice Protection Act (H.R. 4293) introduced by Rep. Phil Roe (R-Tenn.) and the Strengthening Access to Valuable Education and Retirement Support (SAVERS) Act (H.R. 4294) introduced by Rep. Peter Roskam (R-Ill.) were reported to the full House by the Committee on Education and the Workforce on April 20; the Ways and Means Committee reported H.R. 4294 on April 20 as well.
The CBO and the staff of the Joint Committee on Taxation (JCT) looked at the effect H.R. 4293 would have for the period 2017-2026, and estimate that enacting the bill would not affect direct spending and that pay-as-you-go procedures would apply. They said that the bill would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027. They added that H.R. 4293 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would impose no costs on state, local, or tribal governments.
The CBO had issued a report on H.R. 4294 on Feb. 10, 2016, that reached similar conclusions regarding the effects of the measure would have if enacted.
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