H.R. 3484 would terminate several never-used authorities granted to the Securities and Exchange Commission (SEC) in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Those authorities permit the SEC to issue rules related to mandatory pre-dispute arbitration clauses in broker-dealer agreements and to impose additional obligations or a uniform fiduciary standard of conduct on broker-dealers and investment advisors. In its current unified regulatory agenda, the SEC does not propose to issue any rules under the authorities that would be struck by the bill. On that basis, CBO estimates that enacting the bill would not affect the federal budget.
The CBO staff contact for this estimate is David Rafferty. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.
