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1 H.R. 4242, Greater Accountability in Pay Act of 2019, as Ordered Reported by the House Committee on Financial Services on September 20, 2019 1 (October 29, 2019)

handle is hein.congrec/cbogrtacb0001 and id is 1 raw text is: 4 Congressional Budget Office Cost Estimate October 29, 2019 By Fiscal Year, ilions of Dollars 2020 2020-2024 20202029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 0 0 0 0 H.R. 4242 would require public companies to annually disclose the percentage increase in pay for the median compensation of its executives and all other employees over the past year and to compare those increases with each other and with the percentage change in annual inflation. Emerging growth companies would be exempt from those requirements. Using information from the Securities and Exchange Commission (SEC), CBO estimates that issuing rules to implement the bill would cost the SEC $1 million in 2020 for three employees at an average cost of $260,000 each. However, because the SEC is authorized to collect fees sufficient to offset its annual appropriation, CBO expects that the net effect on discretionary spending would be negligible, assuming appropriation actions consistent with that authority. Requiring public companies to annually disclose salary information to the SEC would impose a private-sector mandate as defined in the Unfunded Mandates Reform Act (UMRA). The incremental cost of the mandate would be small because the mandated entities generally already possess or collect the information to be reported under the bill. Thus CBO estimates that the cost of the mandates would be well below the threshold established in UMRA ($164 million in 2019, adjusted annually for inflation). See also CBO's Cost Estimates Explained, wwwcbo.gov/publication /54437; How CBO Prepares Cost Estimates, www.cbo.gov/publicationi53519; and Glossary, www.cbo~govipublication/42904.

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