CBO Oversight Act
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This bill would require the CBO Director to testify annually before House and Senate Budget Committees to review agency performance.
What it does
This bill would require the Director of the Congressional Budget Office (CBO) to testify annually before the House and Senate Budget Committees. At the request of a committee chair, the Director would be required to appear at two hearings per calendar year to address topics determined by the committee. These hearings may include a review of the accuracy of the CBO’s baseline projections and estimates from the most recently completed fiscal year.
Who is affected
This bill primarily affects the Director of the Congressional Budget Office (CBO), who would be required to provide annual testimony before Congress. The House and Senate Budget Committees are also affected, as the legislation empowers their chairs to request these hearings to review CBO baseline projections and estimates. Additionally, the Congressional Budget Office as an agency is affected by the requirement to undergo this formal oversight process regarding its fiscal year performance.
Key provisions
- Annual Congressional Budget Office testimony requirement. The Director of the Congressional Budget Office is required to provide testimony at annual hearings held by the House and Senate Budget Committees.
- Hearing frequency and scheduling. Upon the request of a committee chair, the Director must testify at two hearings per committee by the end of each calendar year.
- Review of CBO projections and estimates. The committees may use these hearings to review the accuracy of baseline projections and estimates produced by the CBO during the most recently completed fiscal year.
Fiscal impact
Not applicable: No CBO cost estimate available
Effective dates
Not applicable: Official Summary does not address effective dates
Relationship to existing law
The bill modifies the oversight framework for the Congressional Budget Office (CBO) by establishing a formal requirement for the Director to provide annual testimony to the House and Senate Budget Committees regarding the agency's baseline projections and estimates.
Stated purpose
The bill aims to increase congressional oversight of the Congressional Budget Office (CBO) by requiring its Director to testify annually before the House and Senate Budget Committees. These hearings are intended to allow for a review of CBO's baseline projections and the accuracy of its fiscal estimates from the previous year.