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S 5420 118th Congress Senate Economics and Public Finance

FAIR Act

Introduced: December 4, 2024 Introduced by: Warren, Elizabeth Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Dec 4, 2024
Read twice and referred to the Committee on the Budget.
Dec 4, 2024
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now December 4, 2024

Read twice and referred to the Committee on the Budget.

 Committees of jurisdiction 1