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1 H.R. 4329, ESG Disclosure Simplification Act of 2019, as Ordered Reported by the House Committee on Financial Services on September 20, 2019 1 (November 20, 2019)

handle is hein.congrec/cboesgds0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate November 20, 2019 By Fiscal Year, llions of Dollars 2020 2020=2024 20202029 Direct Spending (Outlays) 0 0 0 ievenues Deficit Effect U 0 U 0 U 0 H.R. 4329 would require the Securities and Exchange Commission (SEC) to issue rules that define environmental, social, and governance (ESG) metrics and require publicly traded companies to disclose their views about those metrics to their shareholders and the SEC annually. The SEC also would be required to establish a permanent advisory committee, composed of up to 20 members, to advise the agency on sustainable finance issues. Using information from the SEC, CBO estimates that implementing H.R. 4329 would cost $6 million over the 2020-2024 period for the SEC to issue rules and support the advisory committee. However, because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that any net change in discretionary spending over the 2020-2024 period would be negligible, assuming appropriation actions consistent with that authority. By requiring publicly traded companies to disclose ESG metrics to shareholders and the SEC, H.R. 4329 would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA). The mandate's costs would equal the expenses incurred by those companies to comply with the new disclosure requirement. Because the SEC has not issued the rules required by the bill, CBO cannot determine whether the cost would exceed the private-sector threshold established in UMRA ($164 million in 2019, adjusted annually for inflation). See also CBO's Cost Estimates Explained, www cbo.gov/publicationi54437; How CBO Prepares Cost Estimates, www.cbo.gov/publication/53519; and Glossary, www.cbo~govipublication/42904.

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