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H.R. 1343, Encouraging Employee Ownership Act of 2017 1 (March 23, 2017)

handle is hein.congrec/cbo3393 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE March 23, 2017 H.R. 1343 Encouraging Employee Ownership Act of 2017 As ordered reported by the House Committee on Financial Services on March 9, 2017 Under current law, private companies must disclose certain information to some employees and investors who purchase securities issued by the company prior to their sale if the value of securities issued by the company exceeds $5 million over a twelve month period. H.R. 1343 would direct the Securities and Exchange Commission (SEC) to raise that amount to $10 million and to adjust the threshold every five years for inflation. Based on an analysis of information from the SEC, CBO estimates that implementing H.R. 1343 would cost less than $500,000 to issue new rules to adjust the disclosure threshold. Under current law, the SEC is authorized to collect fees sufficient to offset its annual appropriation; therefore, CBO estimates that the net effect on discretionary spending would be negligible, assuming appropriation actions consistent with that authority. Enacting H.R. 1343 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting H.R. 1343 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028. H.R. 1343 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments. On March 23, 2017, CBO transmitted an estimate for S. 488, the Encouraging Employee Ownership Act, as reported by the Senate Committee on Banking, Housing, and Urban Affairs on March 13, 2017. The two bills are similar and CBO's estimate of their budgetary effects is the same. The CBO staff contact for this estimate is Stephen Rabent. The estimate was approved by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis.

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