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1 H.R. 1018, Improving Corporate Governance through Diversity Act of 2019, as Ordered Reported by the House Committee on Financial Services on July 11, 2019 1 (August 20, 2019)

handle is hein.congrec/cboimcgov0001 and id is 1 raw text is: Congressional Budget Office Cost Estimate August 20, 2019 By Fiscal Year, iions of Dollars 2019 2019-2024 2019o2029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 0 0 0 0 H.R. 1018 would require public companies to disclose annually information on the racial, ethnic, gender, and veteran composition of its board of directors (including nominees) and executive officers, if that information is voluntarily provided by affected individuals. The bill also would require public companies to disclose if their board of directors has adopted a plan to promote diversity. Every three years, H.R. 1018 would require the Securities and Exchange Commission (SEC) to publish best practices for public companies to comply with the new diversity reporting requirements. To assist in formulating those best practices, the SEC would establish and convene an advisory council made up of both issuers of securities and investors. Based on information from the SEC, CBO estimates that implementing H.R. 1018 would have cost less than $500,000 over the 2019-2024 period. Such spending would be subject to the availability of appropriated funds. Because the SEC is authorized to collect fees each year to offset its annual appropriation, CBO expects that the net budget impact of H.R. 1018 would be negligible. H.R. 1018 contains private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA). 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/publication/53519; and Glossary, www.cbo~gov/publication/42904.

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