[Congressional Record Volume 148, Number 137 (Thursday, October 17, 2002)]
[Senate]
[Pages S10650-S10651]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




           COST ESTIMATES--S. 2667, H.R. 3656, AND H.R. 4073

  Mr. BIDEN. Mr. President, on October 8, the Committee on Foreign 
Relations ordered reported three bills, S. 2667, H.R. 3656, and H.R. 
4073. I ask unanimous consent that the cost estimates prepared by the 
Congressional Budget Office with regard to these bills be printed in 
the Record.
  There being no objection, the material was ordered to be printed in 
the Record, as follows:

                                                    U.S. Congress,


                                  Congressional Budget Office,

                                 Washington, DC, October 10, 2002.
     Hon. Joseph R. Biden, Jr.,
     Chairman, Committee on Foreign Relations,
     U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Congressional Budget Office has 
     prepared the enclosed cost estimate for S. 2667, the Peace 
     Corps Charter for the 21st Century Act.
       If you wish further details on this estimate, we will be 
     pleased to provide them. The CBO staff contact is Joseph C. 
     Whitehill, who can be reached at 226-2840.
           Sincerely,
                                                 Barry B. Anderson
                                   (For Dan L. Crippen, Director).
       Enclosure.


               congressional budget office cost estimate

     S. 2667--Peace Corps Charter for the 21st Century Act
       Summary: S. 2667 would authorize appropriations for the 
     Peace Corps for years 2004 through 2007 totaling $2.1 
     billion. It would authorize a doubling in the number of 
     volunteers to 14,000 and would increase the authorized 
     readjustment allowance paid to returning volunteers to $275 
     for each month of service. The bill also would authorize $10 
     million in 2003 for a grant program to support returned Peace 
     Corps volunteers' efforts to promote a better understanding 
     of other peoples on the part of the American people. Assuming 
     the appropriation of the authorized amounts, CBO estimates 
     that implementing S. 2667 would cost $1.9 billion over the 
     2003-2007 period. S. 2667 would not affect direct spending or 
     revenues.
       S. 2667 contains no intergovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act 
     (UMRA) and would not affect the budgets of state, local, or 
     tribal governments.
       Estimated cost to the Federal Government: The estimated 
     budgetary impact of S. 2667 is shown in the following table. 
     The costs of this legislation fall within budget function 150 
     (international affairs). For this estimate, CBO assumes that 
     the legislation will be enacted early in fiscal year 2003, 
     that the authorized amounts specified in the bill for each 
     year over the 2003-2007 period will be provided in annual 
     appropriation acts near the start of each fiscal year, and 
     that outlays will follow historical spending patterns.

------------------------------------------------------------------------
                                By fiscal year, in millions of dollars--
                               -----------------------------------------
                                 2002   2003   2004   2005   2006   2007
------------------------------------------------------------------------
                    SPENDING SUBJECT TO APPROPRIATION
 
Spending Under Current Law for
 the Peace Corps:
  Authorization Level \1\.....    275    365      0      0      0      0
  Estimated Outlays...........    276    343     72      8      2      0
Proposed Changes:
  Authorization Level.........      0     10    465    500    560    560
  Estimated Outlays...........      0      8    365    474    536    549
Spending Under S. 2667 for the
 Peace Corps:
  Authorization Level.........    275    375    465    500    560    600
  Estimated Outlays...........    276    351    437    482    538    549
------------------------------------------------------------------------
\1\ The 2002 level is the amount appropriated for that year. Section
  3(b)(1) of the Peace Corps Act authorizes the appropriation of $365
  million in 2003.

       Intergovernmental and private-sector impact: S. 2667 
     contains no intergovernmental or private-sector mandates as 
     defined in UMRA and would not affect the budgets of state, 
     local, or tribal governments.
       Estimate prepared by: Federal Costs: Joseph C. Whitehill 
     (226-2840); Impact on State, Local, and Tribal Governments: 
     Greg Waring (225-3220); and Impact on the Private Sector: 
     Paige Piper/Bach (226-2940).
       Estimate approved by: Peter H. Fontaine, Deputy Assistant 
     Director for Budget Analysis.
                                  ____

                                                    U.S. Congress,


                                  Congressional Budget Office,

                                 Washington, DC, October 10, 2002.
     Hon. Joseph R. Biden, Jr.,
     Chairman, Committee on Foreign Relations,
     U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Congressional Budget Office has 
     prepared the enclosed cost estimate for H.R. 3656, an act to 
     amend the International Organizations Immunities Act to 
     provide for the applicability of that act to the European 
     Central Bank.
       If you wish further details on this estimate, we will be 
     pleased to provide them. The CBO staff contact is Joseph C. 
     Whitehill, who can be reached at 226-2840.
           Sincerely,
                                                 Barry B. Anderson
                                   (For Dan L. Crippen, Director).
       Enclosure.


               congressional budget office cost estimate

     H.R. 3656--An act to amend the International Organizations 
         Immunities Act to provide for the applicability of that 
         act to the European Central Bank
       H.R. 3656 would extend to the European Central Bank (ECB) 
     the same privileges, exemptions, and immunities given to the 
     central banks of sovereign states. Specifically, it would 
     protect the ECB's assets from judicial process and 
     attachment. The ECB is an independent legal entity owned by 
     the central banks of the 12 countries of the European Union 
     that comprise the euro area and functions as the central bank 
     for the euro. It holds some of the foreign reserve assets of 
     those countries in the Federal Reserve Bank of New York and 
     commercial banks in the United States. The act would assure 
     that the assets held collectively by the ECB retain the same 
     protection they had when they were held separately by the 
     central banks of its member countries. CBO estimates that 
     H.R. 3656 would have no effect on federal spending or 
     receipts.
       H.R. 3656 contains no intergovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act and 
     would not affect the budgets of state, local, or tribal 
     governments.
       On March 27, 2002, CBO transmitted an estimate for H.R. 
     3656 as ordered reported by the House Committee on 
     International Relations on March 20, 2002. The two versions 
     of the legislation are identical, as are the two cost 
     estimates.
       The CBO staff contact is Joseph C. Whitehill, who can be 
     reached at 226-2840. This estimate was approved by Peter H. 
     Fontaine, Deputy Assistant Director for Budget Analysis.
                                  ____

                                                    U.S. Congress,


                                  Congressional Budget Office,

                                 Washington, DC, October 10, 2002.
     Hon. Joseph R. Biden, Jr.,
     Chairman, Committee on Foreign Relations,
     U.S. Senate, Washington, DC.
       Dear Mr. Chairman: The Congressional Budget Office has 
     prepared the enclosed cost estimate for H.R. 4073, an act to 
     amend the Microenterprise for Self-Reliance Act of 2000 and 
     the Foreign Assistance Act of 1961 to increase assistance for 
     the poorest people in developing countries under 
     microenterprise assistance programs under those acts, and for 
     other purposes.

[[Page S10651]]

       If you wish further details on this estimate, we will be 
     pleased to provide them. The CBO staff contact is Joseph C. 
     Whitehill.
           Sincerely,
                                                Barry B. Anderson,
                                   (For Dan L. Crippen, Director).
       Enclosure.


               congressional budget office cost estimate

     H.R. 4073--An act to amend the Microenterprise for Self-
         Reliance Act of 2000 and the Foreign Assistance Act of 
         1961 to increase assistance for the poorest people in 
         developing countries under microenterprise assistance 
         programs under those Acts, and for other purposes
       Summary: H.R. 4073 would authorize the appropriation of 
     $175 million in 2003 and $200 million in 2004 for grants and 
     credits to microenterprise development programs, or programs 
     that would provide access to financial service to poor 
     persons in developing countries. The act would place emphasis 
     on assistance to persons living within the bottom 50 percent 
     below a country's poverty line or living on less than the 
     equivalent of $1 per day. CBO estimates that implementing 
     H.R. 4073 would cost $328 million over the 2003-2007 period, 
     assuming the appropriation of the authorized amounts. The act 
     would not affect direct spending or revenues.
       H.R. 4073 contains no integovernmental or private-sector 
     mandates as defined in the Unfunded Mandates Reform Act 
     (UMRA) and would not affect the budgets of state, local, or 
     tribal governments.
       Estimated cost to the Federal Government: The estimated 
     budgetary impact of H.R. 4073 is shown in the following 
     table. The estimate assumes this legislation will be enacted 
     near the beginning of 2003, that the specified amounts will 
     be appropriated before the start of each fiscal year, and 
     that outlays will follow historical spending patterns. The 
     costs of this legislation fall within budget function 150 
     (international affairs).

------------------------------------------------------------------------
                                By fiscal year, in millions of dollars--
                               -----------------------------------------
                                 2002   2003   2004   2005   2006   2007
------------------------------------------------------------------------
                    SPENDING SUBJECT TO APPROPRIATION
 
Spending Under Current Law for
 Microenterprise Assistance
 Programs:
  Budget Authority \1\........    155      0      0      0      0      0
  Estimated Outlays...........    131    118     66     34     18     10
Proposed Changes:
  Authorization Level.........      0    175    200      0      0      0
  Estimated Outlays...........      0     23     91    113     67     34
Spending Under H.R. 4073 for
 Microenterprise Assistance
 Programs:
  Authorization Level.........    155    175    200      0      0      0
  Estimated Outlays...........    131    141    157    147     85     44
------------------------------------------------------------------------
\1\ The 2002 level is the amount appropriated for that year.

       Intergovernmental and private-sector impact: H.R. 4073 
     contains no intergovernmental or private-sector mandates as 
     defined in UMRA and would not affect the budgets of state, 
     local, or tribal governments.
       Previous CBO estimate: On May 1, 2002, CBO transmitted an 
     estimate for H.R. 4073 as ordered reported by the House 
     Committee on International Relations on April 25, 2002. The 
     two versions of the legislation are identical, as are the two 
     estimates.
       Estimate prepared by: Federal Costs: Joseph C. Whitehill; 
     Impact on State, Local, and Tribal Governments: Greg Waring; 
     and Impact on the Private Sector: Paige Piper/Bach.
       Estimate approved by: Peter H. Fontaine, Deputy Assistant 
     Director for Budget Analysis.

                          ____________________