Congressional Budget Office Termination Act

To terminate the Congressional Budget Office, and for other purposes. 1. Short title This Act may be cited as the Congressional Budget Office Termination Act 2. Abolishment of Congressional Budget Office (a) In general On the date that is one year after the date of enactment of this Act, the Congressional Budget Office is abolished. (b) Resolution and termination of CBO functions (1) Resolution of Functions During the period beginning on the date of enactment of this Act and ending on the termination date in subsection (a)— (A) the disposition and resolution of functions of the CBO shall be completed in accordance with this Act; and (B) 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. (2) 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). (c) Responsibilities of the CAO (1) In General The Chief Administrative Officer, in consultation with the Secretary, shall be responsible for the implementation of this Act, including— (A) the administration and wind-up, during the wind-up period, of all functions of the CBO; (B) 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 (C) taking such other actions as may be necessary to wind-up any outstanding affairs of the CBO before the termination date in subsection (a). (2) 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. (d) Scoring (1) 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. (2) 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. (e) Definitions In this Act: (1) Chief Administrative Officer The term Chief Administrative Officer (2) CBO The term CBO (3) Secretary The term Secretary

Summary: Congressional Budget Office Termination Act This bill abolishes the Congressional Budget Office.