H.R. 5913 would prohibit investment advisors, brokers, and dealers from helping their clients trade the securities of a special purpose acquisition company unless that company discloses to the Securities and Exchange Commission details about any planned mergers. CBO estimates that enacting the bill would increase civil penalty collections, which are recorded as revenues, by an insignificant amount but would not affect direct spending over the 2023-2032 period. 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.
