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March 31, 2011 at 08:00 PM
Funding the new Federal Insurance Office (FIO) should cost less than $20 million over the 10-year funding period starting in 2011, according to the Congressional Budget Office (CBO).
The CBO has included that estimate in a review of the possible effects of the Dodd-Frank Wall Street Reform and Consumer Protection Act on the federal budget deficit.
Some Republicans would like to change the act. If the act takes effect as written, CBO analysts are estimating that, over the 10-year period that started in 2010, the Dodd-Frank Act will increase federal revenue by about $13 billion, lead to about $38 billion in additional federal outlays, and lead to about $28 billion in offsets to federal outlays.
About $26 billion of the increase in outlays will be related to efforts to set up a new program that would help resolve problems at insolvent or soon-to-be insolvent financial entities.
