H.R. 2478, Financial Exploitation Prevention Act of 2025

April 8, 2026

Cost Estimate

As reported by the House Committee on Financial Services on November 4, 2025

At a Glance H.R. 2478, Financial Exploitation Prevention Act of 2025 As reported by the House Committee on Financial Services on November 4, 2025
By Fiscal Year, Millions of Dollars		2026	2026-2031	2026-2036
Direct Spending (Outlays)		*	*	*
Revenues		*	*	*
Increase or Decrease (-) in the Deficit		*	*	*
Spending Subject to Appropriation (Outlays)		*	*	not estimated
Increases net direct spending in any of the four consecutive 10-year periods beginning in 2037?	No	Statutory pay-as-you-go procedures apply?		Yes
	No	Mandate Effects
Increases on-budget deficits in any of the four consecutive 10-year periods beginning in 2037?	No	Contains intergovernmental mandate?		No
	No	Contains private-sector mandate?		Yes, Under Threshold
* = between -$500,000 and $500,000.
The bill would Allow certain investment companies and their agents to postpone payments for the redemption of securities for up to 15 business days when they suspect the request of such action is the result of the exploitation of one or more people age 65 or older or who have impairments that keep them from protecting their own interests Require the Securities and Exchange Commission (SEC) to report to the Congress within one year on regulatory and legislative policies that could mitigate the financial exploitation of such people Direct five federal agencies to consult with the SEC in preparing that report Impose mandates on financial institutions if federal financial regulators increase fees to implement the bill
Estimated budgetary effects would mainly stem from Staffing costs for the SEC to study and report on policies that could mitigate financial exploitation of vulnerable adults Administrative costs for financial regulators to consult with the SEC

Bill Summary

H.R. 2478 would allow certain investment companies and their agents to postpone payments for the redemption of securities for up to 15 business days when they suspect the request of such action is the result of the exploitation of one or more people who are age 65 or older or who have impairments that keep them from protecting their own interests.

H.R. 2478 also would require the Securities and Exchange Commission (SEC) to report to the Congress within one year on regulatory and legislative policies that could mitigate the financial exploitation of such people. The bill would direct the Commodity Futures Trading Commission (CFTC), Consumer Financial Protection Bureau (CFPB), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and Federal Reserve to consult with the SEC on the report.

Estimated Federal Cost

The costs of the legislation fall within budget function 370 (commerce and housing credit).

Basis of Estimate

CBO assumes that the bill will be enacted in fiscal year 2026. The costs for the federal agencies other than the SEC would be minimal. Using information from the agencies, CBO expects that each one would need less than one full-time-equivalent employee to assist the SEC with its report.

Direct Spending and Revenues

CBO estimates that enacting H.R. 2478 would decrease revenues and increase direct spending, on net, by less than $500,000 over the 2026-2036 period; the net effect on the deficit would be insignificant.

The operating costs for the FDIC and OCC are classified in the budget as direct spending. Because the OCC is authorized to collect fees from regulated institutions to cover administrative expenses, CBO estimates that enacting H.R. 2478 would increase net direct spending by an insignificant amount over the 2026-2036 period.

Under current law, the CFPB is permanently authorized to spend amounts transferred from the combined earnings of the Federal Reserve in an amount necessary to carry out its responsibilities, subject to a statutory cap that was most recently lowered by the 2025 reconciliation act. That spending is classified as direct spending in the budget. Because CBO expects that, under current law, the CFPB will spend all transferred funds up to its statutory cap in the years that the combined earnings of the Federal Reserve are sufficient to fund the CFPB, we do not attribute any increase in direct spending for the CFPB to this bill. Any spending by the CFPB to implement the bill would necessitate a decrease in spending for other activities of the agency.

Costs incurred by the Federal Reserve reduce remittances to the Treasury, which are recorded in the budget as revenues. CBO estimates that enacting H.R. 2478 would decrease revenues by an insignificant amount over the 2026-2036 period.

Spending Subject to Appropriation

In June 2018, the SEC announced that it would not pursue enforcement actions against investment companies or their agents that delay the disbursement of redeemed securities based on the belief that the request was the result of the financial exploitation of a person who is age 65 or older or is an impaired adult.

On that basis and using information from the commission about the cost of similar reports, CBO estimates that implementing H.R. 2478 would cost the SEC $2 million over the 2026-2031 period. CBO expects that the SEC would need five employees, at an average cost of $340,000 per employee, for one year to complete the study and report to the Congress. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net effect on the commission’s discretionary spending over the 2026-2031 period would be negligible, assuming appropriation actions consistent with that authority.

CBO estimates that implementing the bill would increase costs by an insignificant amount for the CFTC, whose administrative costs are subject to appropriation.