H.R. 4620 would, among other actions, subject family offices with more than $750 million in assets under their management to certain registration and reporting requirements of the Investment Advisers Act of 1940; the Securities and Exchange Commission would be directed to issue rules to implement the bill. A family office is a wealth management firm controlled by a wealthy family that provides investment advice only to family clients. CBO estimates that enacting H.R. 4620 would not affect direct spending or revenues. CBO has not estimated the discretionary costs of implementing the bill. The bill would impose private-sector mandates as defined in the Unfunded Mandates Reform Act that would not exceed the annual threshold of $184 million in 2022 (adjusted annually for inflation). The bill contains no intergovernmental mandates.