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H.R. 2205, Data Security Act of 2015 1 (September 29, 2016)

handle is hein.congrec/cbo3206 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE U COST ESTIMATE September 29, 2016 H.R. 2205 Data Security Act of 2015 As ordered reported by the House Committee on Financial Services on December 9, 2015 H.R. 2205 would establish a new law to require businesses to take reasonable steps to protect personal information they maintain in electronic form. Further, H.R. 2205 would require those entities, in the event of a breach in their security systems, to notify individuals whose personal information has been accessed and acquired as a result of the breach. Forty-seven states have laws that govern data security; H.R. 2205 would pre-empt many of those statutes. Finally, H.R. 2205 would require the Federal Trade Commission (FTC) and many of the financial regulatory agencies to enforce the requirements of the bill. Federal Budgetary Effects CBO estimates that implementing H.R. 2205 would cost the FTC, the Securities and Exchange Commission, and the Commodity Futures Trading Commission about $2 million over the 2016-2021 period, assuming appropriation of the necessary amounts. CBO expects those agencies would hire additional staff, at a cost of less than $500,000 per year, on average, to carry out the new regulatory requirements because current laws that cover the businesses regulated by those agencies do not address all of the data security issues covered by H.R. 2205. H.R. 2205 also would require the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Reserve to ensure compliance with the requirements of the bill for the depository institutions that they regulate. The costs to those regulators would be recorded in the federal budget as increases in direct spending (or as a reduction in revenues, in the case of the Federal Reserve). As a result, pay-as-you-go procedures apply to the bill. However, because provisions of the bill would deem compliance with current laws that apply to depository institutions as complying with the provisions of H.R. 2205, CBO estimates that under the bill the additional costs for those regulators would be negligible. CBO estimates that enacting H.R. 2205 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2027.

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