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1 CBO's Estimate of the Statutory Pay-as-You-Go Effects of H.R. 4344, the Investor Protection and Capital Market Fairness Act, as Ordered Reported by the House Committee on Financial Services on September 18, 2019 1 (November 18, 2019)

handle is hein.congrec/cbospeff0001 and id is 1 raw text is: November 18, 2019 By Fiscal Year, Millions of Dollars 2020 2021 2022 2023 2024 2025 2026 2027 2028 Net Increase or Decrease (-) in the Deficit Pay-As-You-Go Effect 16 7 -7 -17 -58 -78 -78 -58 -28 -18 Memorandum: Changes in Outlays 16 7 3 3 2 2 2 2 2 2 31 Changes in Revenues 0 0 10 20 60 80 80 60 30 20 90 31 The Statutory Pay-As-You-Go Act of 2010 establishes budget-reporting and enforcement procedures for legislation affecting direct spending or revenues. The net changes in outlays and revenues that are subject to those procedures are shown here. Under H.R. 4344, the Securities and Exchange Commission (SEC) would have up to 14 years after an alleged violation in which to seek a disgorgement penalty (the repayment of ill-gotten gains to investors harmed by a securities law violator). The limit under current law is 5 years. CBO estimates that the bill would increase the number of such penalties, and that a portion of the funds collected would be remitted to the Treasury and recorded in the budget as revenues. CBO also anticipates that a small percentage of the new actions would stem from information provided by whistleblowers who would be eligible for payments from the SEC. Those payments would be recorded in the budget as additional direct spending. Staff Contacts: Nathaniel Frentz and David Hughes

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