The Congressional Budget Office has issued an estimate of the costs associated with the Inspector General Reform Act of 2013 (H.R. 3770). The bill would direct the President to appoint an Inspector General (IG) for the CFPB within 60 days of enactment who would be subject to Senate confirmation. It would also require the CFPB to set aside 2% of its annual funding to operate the IG’s office. Currently, the Fed and CFPB share an IG who is appointed by the Fed Chairman without the need for Senate confirmation.
According to the CBO, over the 2015-2024 period, the bill would increase direct spending by $100 million but would increase revenues by $51 million over that period because it would reduce costs for the Fed OIG. Taking those effects together, the CBO estimates the bill would increase budget deficits by $49 million over that period.
