H.R. 1540 would require any federal agency that investigates an act of terrorism committed in the United States to report to the Congress within one year of completing an investigation, identifying weaknesses, and recommending measures to improve national security. The bill would direct the investigating agency to collaborate with the Department of Homeland Security and other federal agencies as appropriate.
Using information about similar investigations, CBO expects that few reports would be necessary each year and estimates that preparing all reports would cost less than $500,000 annually; such spending would be subject to the availability of appropriated funds.
On April 15, 2021, CBO transmitted a cost estimate for S. 517, the REPORT Act, as ordered reported by the Senate Committee on Homeland Security and Governmental Affairs on March 17, 2021. The two pieces of legislation are similar, and CBO’s estimates of their budgetary effects are the same.