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1 H.R. 4785, American Customer Information Protection Act [1] (April 10, 2018)

handle is hein.congrec/cbomaybq0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE COST ESTIMATE April 10, 2018 H.R. 4785 American Customer Information Protection Act As ordered reported by the House Committee on Financial Services on January 18, 2018 In 2017 the Securities and Exchange Commission (SEC) directed the national securities exchanges and the Financial Industry Regulator Authority to develop, implement, and maintain a consolidated audit trail (CAT). The CAT is intended to enable regulators to better oversee securities markets. H.R. 4785 would prohibit the CAT from accepting personally identifying information except in connection with large traders.' Using information from the SEC, CBO estimates that implementing H.R. 4785 would cost less than $500,000 over the 2019-2023 period for the SEC to amend the CAT plan to implement the bill's requirements. However, 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. 4785 would not affect direct spending or revenues; therefore, pay-as-you- go procedures do not apply. CBO estimates that enacting H.R. 4785 would not increase net direct spending or on- budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 4785 contains no intergovernmental mandates as defined in the Unfunded Mandates Reform Act (UMRA). If the SEC increases fees to offset the associated costs, H.R. 4785 would increase the cost of an existing mandate on private entities required to pay those fees. Using information from the SEC, CBO estimates that the incremental cost of the mandate would fall well below the annual threshold for private-sector mandates established in UMRA ($160 million in 2018, adjusted annually for inflation). The CBO staff contacts for this estimate are Stephen Rabent (for federal costs) and Jon Sperl (for mandates). The estimate was approved by H. Samuel Papenfuss, Deputy Assistant Director for Budget Analysis. 1. The SEC defines a large trader as a person whose transactions in national securities markets equal or exceed 2 million shares or $20 million during any calendar day, or 20 million shares or $200 million during any calendar month.

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