H.R. 3948 would require the Securities and Exchange Commission (SEC) to issue a subpoena before it could compel people or entities that are regulated under various securities laws to provide their algorithmic trading source code to the agency.
Using information from the SEC, CBO estimates that implementing H.R. 3948 would require the agency to spend less than $500,000 to update its guidance documents. Moreover, the SEC is authorized to collect fees sufficient to offset its annual appropriation; therefore, CBO estimates that the net effect on discretionary spending would be negligible, assuming appropriation actions consistent with that authority.
Enacting H.R. 3948 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
CBO estimates that enacting H.R. 3948 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028.
H.R. 3948 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act.