Statement of Administration Policy: H.R. 4398 - Federal Reserve Bank Branch Modernization Act

(House)
(Erdreich (D) Alabama)

The Administration has no objection to enactment of H.R. 4398.

Pay-As-You-Go Scoring

The Omnibus Budget Reconciliation Act (OBRA) requires that all revenue and direct spending legislation meet a pay-as-you-go (PAYGO) requirement. That is, no such bill should result in an increase in the deficit; and if it does, it will trigger a sequester if it is not fully offset. Offsetting collections in this bill would equal any increase in direct spending, resulting in a net zero PAYGO effect. Thus, considered alone, this bill meets the PAYGO requirement of OBRA.