«sgir- PUBLIC LAW 104-4 —MAR. 22, 1995 109 STAT. 61 "(A) a significant budgetary impact on State, local, or tribal governments; "(B) a significant financial impact on the private sector; or "(C) a significant employment impact on the private sector."; and (B) by amending subsection (h) to read as follows: "(h) STUDIES.— "(1) CONTINUING STUDIES. — The Director of the Congressional Budget Office shall conduct continuing studies to enhance comparisons of budget outlays, credit authority, and tax expenditures. "(2) FEDERAL MANDATE STUDIES.— "(A) At the request of any Chairman or ranking member of the minority of a Committee of the Senate or the House of Representatives, the Director shall, to the extent practicable, conduct a study of a legislative proposal containing a Federal mandate. "(B) In conducting a study on intergovernmental mandates under subparagraph (A), the Director shall— "(i) solicit and consider information or comments from elected officials (including their designated representatives) of State, local, or tribal governments as may provide helpful information or comments; "(ii) consider establishing advisory panels of elected officials or their designated representatives, of State, local, or tribal governments if the Director determines that such advisory panels would be helpful in performing responsibilities of the Director under this section; and "(iii) if, and to the extent that the Director determines that accurate estimates are reasonably feasible, include estimates of— "(I) the future direct cost of the Federal mandate to the extent that such costs significantly differ from or extend beyond the 5-year period after the mandate is first effective; and "(II) any disproportionate budgetary effects of Federal mandates upon particular industries or sectors of the economy, States, regions, and urban or rural or other t3T)es of communities, as appropriate. "(C) In conducting a study on private sector mandates under subparagraph (A), the Director shall provide estimates, if and to the extent that the Director determines that such estimates are reasonably feasible, of— "(i) future costs of Federal private sector mandates to the extent that such mandates differ significantly from or extend beyond the 5-year time period referred to in subparagraph (B)(iii)(I); "(ii) any disproportionate financial effects of Federal private sector mandates and of any Federal financial assistance in the bill or joint resolution upon any particular industries or sectors of the economy. States, regions, and urban or rural or other types of communities; and
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