H.R. 8278: $1M Direct, $1M Revenue Loss
H.R. 8278 would raise federal direct spending by $1 million and reduce revenues by $1 million over 2026-2036, according to a Congressional Budget Office
H.R. 8278 would raise federal direct spending by $1 million and cut revenues by $1 million over the 2026-2036 period, the Congressional Budget Office (CBO) estimates. The bill, introduced by the House Committee on Financial Services on June 24, 2026, directs federal regulators to evaluate how their technology systems limit real-time supervision and how procurement rules restrict testing of new technologies.
Cost Impact
CBO projects that the bill will increase direct spending by $1 million and decrease revenues by $1 million, resulting in a $2 million rise in the deficit over 2026-2036. The estimate also shows that FinCEN would spend $1 million over 2026-2031 to implement the bill’s requirements, subject to appropriated funds.
| Fiscal Period | Direct Spending (Millions) | Revenues (Millions) | Deficit Impact (Millions) | Spending Subject to Appropriation (Millions) |
|---|---|---|---|---|
| 2026 | 0 | 0 | 0 | 0 |
| 2026-2031 | 1 | * | 1 | 1 |
| 2026-2036 | 1 | -1 | 2 | not estimated |
The bill’s cost assumptions are based on the need for each agency to employ two staff members at an average annual cost of $280,000 in 2027, with similar staffing every five years thereafter. The agencies affected include the Consumer Financial Protection Bureau (CFPB), Financial Crimes Enforcement Network (FinCEN), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve, National Credit Union Administration (NCUA), and Office of the Comptroller of the Currency (OCC).
The CFPB’s funding comes from transfers of the Federal Reserve’s earnings, so the bill does not add to its direct spending. The Federal Reserve’s remittances to the Treasury are reduced by the bill’s costs, leading to the projected revenue decline.
Agency Responsibilities
Under the bill, each agency must assess how its technology hinders real-time supervision and how procurement rules limit new technology testing. Agencies must jointly report to Congress 18 months after completing the assessments and then every five years on issues such as hardware and software use, procurement practices, and the information technology workforce. The detailed requirements are outlined in the bill text and can be reviewed on the stats page.
Long-Term Fiscal Effects
CBO estimates that the bill will not increase net direct spending by more than $2.5 billion in any four consecutive 10-year period beginning in 2037. Likewise, on-budget deficits will not rise by more than $5 billion in any such period. These limits are consistent with the Statutory Pay-As-You-Go Act of 2010.
Mandates
If regulators raise fees to cover the bill’s costs, the incremental private-sector mandate would be well below the $214 million annual threshold set by the Unfunded Mandates Reform Act. The bill contains no intergovernmental mandates.
The CBO’s estimate, prepared by David Hughes, Julia Aman, Zunara Naeem, Nate Frentz, and Rachel Austin, was reviewed by Justin Humphrey, Kathleen FitzGerald, and H. Samuel Papenfuss and approved by Director Phillip L. Swagel. The full cost estimate is available for download on the CBO website and can be cross-checked in the standings section for deficit implications.
