Section 1 Short title
This Act may be cited as the “Congressional Budget Office Termination Act”.
Congressional Budget Office Termination Act
A BILL
To terminate the Congressional Budget Office, and for other purposes.
Sec. 2 Abolishment of Congressional Budget Office
In general— On the date that is one year after the date of enactment of this Act, the Congressional Budget Office is abolished.
Resolution and termination of CBO functions—
Resolution of Functions— During the period beginning on the date of enactment of this Act and ending on the termination date in subsection (a)—
the disposition and resolution of functions of the CBO shall be completed in accordance with this Act; and
the Chief Administrator Officer, in consultation with the Secretary, shall resolve all functions that are transferred under this section and are not otherwise continued under this Act.
Termination of Functions— All functions that are transferred under this Act that are not otherwise continued by this Act shall terminate on the date set forth in subsection (a).
Responsibilities of the CAO—
In General— The Chief Administrative Officer, in consultation with the Secretary, shall be responsible for the implementation of this Act, including—
the administration and wind-up, during the wind-up period, of all functions of the CBO;
the administration and wind-up, during the wind-up period, of any outstanding obligations of the CBO under any programs terminated by this Act; and
taking such other actions as may be necessary to wind-up any outstanding affairs of the CBO before the termination date in subsection (a).
Transfer of Assets and Personnel— In connection with any delegation of functions, the Chief Administrative Officer, in consultation with the Secretary, may transfer such assets, funds, personnel, records, and other property relating to the delegated function as the Chief Administrative Officer, in consultation with the Secretary, determines to be appropriate.
Scoring—
In general— On or after the termination date set forth in subsection (a), the Committees on the Budget of the House of Representatives and the Senate shall publish, on the public website of each such committee, a list of private, independent entities that are able to provide cost estimates for legislation that would otherwise be carried out by CBO pursuant to the Congressional Budget and Impoundment Control Act of 1974, or any other law, rule, or regulation, but for the requirements of this Act.
Bonus— Subject to the availability of appropriations, the chair of the Committee on the Budget of the House of Representatives or the Senate may pay a bonus to any private entity that, during any calendar year, provides estimates for legislation pursuant to paragraph (1) that are each within five percent of the actual cost of carrying out the enacted legislation. In determining such actual cost, the chairs shall consult with the Office of Management and Budget.
Definitions— In this Act:
Chief Administrative Officer— The term Chief Administrative Officer refers to the Chief Administrative Officer of the House of Representatives.
CBO— The term CBO refers to the Congressional Budget Office.
Secretary— The term Secretary refers to the Secretary of the Senate.