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H.R. 2620, Investor Choice Act of 2021 (CBO Report for Congress)

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Congress 117th
Date Requested Nov. 16, 2021
Date Sent Nov. 17, 2022
Description:
H.R. 2620 would, among other actions, prohibit brokers, dealers, and investment advisors from entering into contracts that mandate arbitration in cases involving a dispute with a customer. As a result, CBO expects that the number of lawsuits filed in federal courts each year would increase; those collections can be spent without further appropriation. CBO estimates that enacting H.R. 2620 would increase civil penalty collections, which are recorded as revenues. CBO estimates that enacting H.R. 2620 would have an insignificant effect on direct spending and revenues over the 2023-2032 period. CBO has not estimated the discretionary costs of implementing the bill. The bill would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act, but CBO cannot determine whether the cost of the mandate would exceed the annual threshold of $184 million in 2022 (adjusted annually for inflation). The bill contains no intergovernmental mandates.

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