FAIR Act

Hozzl · 2025-01-02T20:24:24Z

Explore the details of Senate Bill 5420 FAIR Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on undefined. Stay informed on legislative developments.

1/2/2025, 8:24 PM

Summary of Bill S 5420

Bill 118 s 5420, also known as the Congressional Budget and Impoundment Control Act of 1974, is a proposed amendment that would require a distribution analysis of a bill or resolution under certain circumstances. This bill aims to provide more transparency and accountability in the budgeting process by ensuring that the potential impacts of legislation on different groups of people are thoroughly examined.

The distribution analysis would involve assessing how a proposed bill or resolution would affect various demographic groups, such as low-income individuals, minorities, and the elderly. This analysis would help lawmakers better understand the potential consequences of their decisions and make more informed choices when crafting legislation.

In addition to the distribution analysis requirement, Bill 118 s 5420 also includes provisions for other purposes related to budgeting and impoundment control. These additional purposes are not specified in the summary, but they likely involve further measures to improve the budgeting process and ensure that taxpayer dollars are being spent effectively and efficiently. Overall, Bill 118 s 5420 seeks to enhance the transparency and accountability of the budgeting process in Congress by requiring a distribution analysis of legislation and implementing other measures related to budgeting and impoundment control.

Congressional Summary of S 5420

Fiscal Analysis by Income and Race Scoring Act or the FAIR Act

This bill requires the Congressional Budget Office's (CBO's) cost estimates for legislation to include a distributional analysis by race and income if the legislation will have a gross budgetary effect of at least 0.1% of gross domestic product in any fiscal year within the budget window (usually 10 years).

CBO's analysis must show the transfers that would result by race and income level, and the effects must be shown both in dollars and as a percent change in after-tax-and-transfer-income.

The bill also requires CBO to report to Congress on methods for conducting such a distributional analysis by gender.

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Current Status of Bill S 5420

Bill S 5420 is currently in the status of Bill Introduced since December 4, 2024. Bill S 5420 was introduced during Congress 118 and was introduced to the Senate on December 4, 2024. Bill S 5420's most recent activity was Read twice and referred to the Committee on the Budget. as of December 4, 2024

Bipartisan Support of Bill S 5420

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Policy Area and Potential Impact of Bill S 5420

Primary Policy Focus

Alternate Title(s) of Bill S 5420

A bill to amend the Congressional Budget and Impoundment Control Act of 1974 by requiring a distribution analysis of a bill or resolution under certain circumstances, and for other purposes.