H.R. 6323 would direct the SEC to establish a taskforce to identify challenges that senior investors face and to report on its findings every two years. Using information from the SEC regarding the costs of similar activities, CBO estimates that implementing H.R. 6323 would have a gross cost of $7 million over the 2019-2023 period for the SEC to establish and carry out the functions of the taskforce established under the bill.
However, the SEC is authorized to collect fees sufficient to offset its annual appropriation; therefore, CBO estimates that the net effect on discretionary spending of implementing each of those bills would be negligible, assuming appropriation actions consistent with that authority. H.R. 6323 also would require the Government Accountability Office (GAO) to conduct a study on the economic costs of the financial exploitation of senior citizens and CBO estimates that implementing that section would cost GAO less than $500,000; such spending would be subject to the availability of appropriated funds
The bill would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
The bill would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2029, CBO estimates
The bill contains no intergovernmental mandates as defined in the Unfunded Mandate Reform Act (UMRA) and would not affect the budgets of state, local, or tribal governments. It would require the SEC to take actions that could raise the agency’s administrative costs and the fees it collects to offset those costs. If the SEC increased fees, it would increase the cost of an existing mandate on private entities required to pay those fees. CBO estimates that the bill would not increase fees in an amount that would exceed the annual threshold for private-sector mandates established in UMRA ($160 million in 2018, adjusted annually for inflation).
