Description:
H.R. 1975 would require the Securities and Exchange Commission (SEC) to provide a credit to national securities exchanges that overpay fees and assessments to the agency by offsetting future payments by the affected exchanges.
CBO estimates that enacting H.R. 1975 would increase direct spending by $12 million over the 2016-2025 period; therefore, pay-as-you-go procedures apply. Enacting H.R. 1975 would not affect revenues.
Under current law, the SEC is authorized to collect fees to offset its annual appropriation; therefore, assuming appropriation action consistent with that authority, CBO estimates that implementing the bill would have a negligible effect on net discretionary spending.
H.R. 1975 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments.
If the SEC increases fees to offset the costs of implementing the bill, H.R. 1975 would increase the cost of an existing mandate on private entities required to pay those fees. Based on information from the SEC, CBO estimates that the incremental cost of the mandate, if any, would fall well below the annual threshold for private-sector mandates established in UMRA ($154 million in 2015, adjusted annually for inflation).
