H.R. 3555 would require the Securities and Exchange Commission (SEC) to issue regulations regarding its definition of what constitutes a facility used by a national securities exchange. Using information from the SEC regarding the costs of similar activities, CBO estimates that implementing H.R. 3555 would have a gross cost of about $1 million for the agency to conduct the required studies and rulemakings and to issue reports.
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).
