A bill to improve the accuracy of the budget and revenue estimates of the Congressional Budget Office by creating an independent CBO Economic Council and requiring full disclosures of the methodology and assumptions used by CBO in producing the estimates.
Congressional Budget Office Improvement Act of 1998 - Amends the Congressional Budget Act of 1974 to establish a Congressional Budget Office Board to: (1) provide general oversight of Congressional Budget Office (CBO) operations; (2) approve in advance the undertaking of Office studies and publication of reports that the CBO Director may propose; and (3) provide general guidance to the Director in the formulation and implementation of CBO procedures and policies.
Directs CBO to establish an Economic Advisory Council to: (1) review and make recommendations to the Board on CBO activities; (2) evaluate the quality and objectivity of CBO research and reports; and (3) undertake additional related tasks as the Board may direct.
Requires any CBO report to the Congress or the public that contains an estimate of the effect that legislation will have on revenues or expenditures to be accompanied by a written statement disclosing the economic, technical, and behavioral assumptions that were made in producing the estimate.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S9596-9598)
Read twice and referred jointly to the Committees on Budget; Governmental Affairs pursuant to the order of August 4, 1977, that if one Committee reports, the other Committee have thirty days to report or be discharged.
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