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1 H.R. 3625, PCAOB Whistleblower Protection Act of 2019, as Ordered Reported by the House Committee on Financial Services on July 16, 2019 1 (September 17, 2019)

handle is hein.congrec/cbopcaob0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate September 17, 2019 By Fiscal Year, Millions of Dollars 2019 2019-2O24 2019-2029 Direct Spending (Outlays) 0 4 8 Revenues Deficit Effect 0 0 2 2 5 3 H.R. 3625 would establish a whistleblower program at the Public Company Accounting Oversight Board (PCAOB). Eligible whistleblowers would receive between 10 percent to 30 percent of the fines collected from a disciplinary proceeding if the total fines are greater than $250,000. Additionally, H.R. 3625 would prohibit employers from retaliating against employees who report potential violations of public company accounting laws or regulations to the PCAOB or their supervisors. The PCAOB would need to issue rules and standards necessary to implement the new whistleblower program and employee protections. Using information from the PCAOB, CBO estimates that over the 2019-2029 period enacting H.R. 3625 would increase direct spending by $8 million and increase revenues by $5 million, resulting in an increase in federal deficits of $3 million. CBO anticipates that the PCAOB would spend about $360,000 to hire one to two attorneys to issue rules and standards to establish the whistleblower office in 2020. To operate the whistleblower office starting in 2021, the PCAOB would hire a senior attorney and paralegal at around $400,000 per year. After accounting for anticipated inflation CBO estimates that the PCAOB would spend about $5 million on salaries over the 2020-2029 period. The PCAOB is permanently authorized to levy fees on accounting firms in an amount necessary to offset its annual operating costs, and may spend those fees without further appropriation. Those collections are recorded in the federal budget as revenues. CBO expects 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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