Section 1 Short title
This Act may be cited as the “Replacing Exploitative Partisan Estimates with Alternatives by Liquidating Congressional Budget Office Requirements” or the “REPEAL CBO Requirements Act”.
Replacing Exploitative Partisan Estimates with Alternatives by Liquidating Congressional Budget Office Requirements
A BILL
To amend the Congressional Budget and Impoundment Control Act of 1974 to provide that Congress may request estimates of legislation from reputable accounting firms for purposes of budget enforcement, and for other purposes.
Sec. 2 Budget estimates by reputable accounting firms
In general— Section 402 of the Congressional Budget and Impoundment Control Act of 1985 (2 U.S.C. 653) is amended—
by striking “The Director” and inserting “(a) In general.—The Director”; and
by adding at the end the following:
“(b) Estimate by accounting firms
“(A) In general—Notwithstanding any other provision of law, the chair of any committee of the House of Representatives or the Senate (except the Committee on Appropriations of each House) may, instead of an estimate under subsection (a), obtain an estimate for any bill or resolution of a public character reported by such committee from a private reputable accounting firm.
“(B) Application
“(i) In general—Any estimate obtained under subparagraph (A) shall be used in lieu of an estimate prepared by the Congressional Budget Office under subsection (a) for budget enforcement with respect to the applicable bill or joint resolution, including for purposes of this Act, the Balanced Budget and Emergency Deficit Control Act of 1985, the Statutory Pay-As-You-Go Act of 2010, any concurrent resolution on the budget, the Rules of the House of Representatives, and the Standing Rules of the Senate (including for purposes of reconciliation).
“(ii) CBO estimate not required—If an estimate is obtained under subparagraph (A), then the Office shall not prepare an estimate for the applicable measure under subsection (a).
“(C) Definition of private reputable accounting firm—In this subsection, the term “private reputable accounting firm” means any of the ten public accounting firms registered with the Public Company Accounting Oversight Board with the largest net revenue during the previous year.”
Conforming amendment— Section 312(a) of such Act is amended by adding at the end the following: “The estimates by a private reputable accounting firm under section 402(b) may be used by either such Committee for purposes of carrying out this subsection.”.