As reported by the Senate Committee on Foreign Relations on June 13, 2023
S. 308 would require the Department of State to influence international organizations to reclassify China as a developed country instead of as a developing country. On the basis of information about the costs of diplomatic efforts to influence the actions of other nations and international organizations, CBO estimates that implementing the bill would cost less than $500,000 over the 2023-2028 period. Any spending would be subject to the availability of appropriated funds.
Established in 1974, The Congressional Budget Office is a federal agency within the legislative branch of the United States government. It is charged with providing members of Congress non partisan, objective analysis of budgeting and economic issues to support the congressional budget process. Each year, CBO economists and budget analysts produce dozens of reports and hundreds of cost estimates for proposed legislation.