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1 H.R. 4738, Mutual Fund Litigation Reform Act [1] (April 10, 2018)

handle is hein.congrec/cbomaybr0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE a COST ESTIMATE April 10, 2018 H.R. 4738 Mutual Fund Litigation Reform Act As ordered reported by the House Committee on Financial Services on January 18, 2018 H.R. 4738 would raise the burden of proof required for a security holder of a registered investment company to bring a civil action and to prove a breach of fiduciary duty by an investment advisor in certain circumstances. Using information from the Securities and Exchange Commission (SEC), CBO estimates that implementing H.R. 4738 would have no significant effect on the agency's costs or operations. Moreover, 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. 4738 would not affect direct spending or revenues; therefore, pay-as-you- go procedures do not apply. CBO estimates that enacting H.R. 4738 would not increase net direct spending or on- budget deficits in any of the four consecutive 10-year periods beginning in 2029. H.R. 4738 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act. 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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