H.R. 4865 would require the Securities and Exchange Commission (SEC) to issue rules for creating a form that issuers of registered index-linked annuities would use to register those annuities with the commission. The SEC would be required to test the form among prospective purchasers of annuities and incorporate the results into the form’s design. CBO estimates that enacting H.R. 4865 would not affect direct spending or revenues. CBO has not estimated the discretionary costs of implementing the bill. The bill would impose a private-sector mandate 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.
