H.R. 5914 would authorize the appropriation of $10 million for each of fiscal years 2023 through 2028 for the Securities and Exchange Commission to provide grants to states to identify, investigate, and prosecute cases involving financial fraud against senior citizens. Grant funds also could be used for technology and equipment purchases, education, and planning.
Based on spending patterns for a similar grant program, CBO estimates that implementing H.R. 5914 would cost $38 million over the 2023-2027 period and $22 million after 2027, assuming appropriation of the authorized amounts. The costs of the legislation, detailed in Table 1, fall within budget function 370 (commerce and housing credit).
