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H.R. 2627, Increasing Investor Opportunities Act (CBO Report for Congress)

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Congress 118th
Date Requested May 24, 2023
Requested By House Committee on Financial Services
Date Sent July 25, 2023
Description:
H.R. 2627 would allow a closed-end investment company, an entity that invests in securities using money raised in its initial public offering, to invest its assets in securities issued by private funds. The bill also would prohibit national securities exchanges from restricting closed-end investment companies that invest in private funds from trading securities. Using information about the cost of similar rulemakings at the Securities and Exchange Commission (SEC), CBO estimates that implementing H.R. 2627 would cost $1 million in 2024. That amount would support three employees, at an average annual cost of $300,000 per employee, to issue and amend rules in that year. However, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on discretionary spending over the 2024-2028 period would be negligible, assuming appropriation actions consistent with that authority.

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