H.R. 7732 would require the Office of the Investor Advocate of the Securities and Exchange Commission (SEC) to conduct investor research and testing programs. In addition, the bill would require the SEC to enter into contracts to help execute the functions of the Investor Advocate. Finally, the bill would require the Investor Advocate to transmit a budget estimate to the SEC each year to be used in the commission’s budget request to the President. CBO estimates that enacting H.R. 7732 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.