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1 H.R. 4335, 8-K Trading Gap Act of 2019, as Ordered Reported by the House Committee on Financial Services on September 20, 2019 1 (November 20, 2019)

handle is hein.congrec/cbotdgp0001 and id is 1 raw text is: j Congressional Budget Office Cost Estimate November 20, 2019 By Fiscal Year, Millions of Dollars 2020 20202024 20202029 Direct Spending (Outlays) 0 0 0 Revenues Deficit Effect 0 0 0 0 0 0 H.R. 4335 would require publicly traded companies to establish policies that prohibit their executive officers and directors from trading company stock during the period between the occurrence of a major corporate event (for example, a bankruptcy or acquisition) and the public disclosure of that event using Form 8-K. Using information from the Securities and Exchange Commission (SEC), CBO estimates that the SEC would spend less than $500,000 in 2020 to issue rules to implement the bill. CBO expects that the work would require two employees, at an annual cost of $260,000 each, for less than one year. However, because the SEC is authorized to collect fees sufficient to offset its annual appropriation, CBO expects that the net effect on discretionary spending would be negligible, assuming appropriation actions consistent with that authority. H.R. 4335 contains private-sector mandates as defined in the Unfunded Mandates Reform Act (UMRA) because it would require publicly traded companies to establish policies and procedures prohibiting officers from trading company stock before a major corporate event is disclosed publicly. CBO estimates that the mandates' aggregate cost would be below the private-sector threshold established in UMRA ($164 million in 2019, adjusted annually for inflation). See also CBO's Cost Estimates Explained, www cbo.gov/publication /54437; How CBO Prepares Cost Estimates, www.cbo.gov/publicationi53519; and Glossary, www.cbo~govipublication/42904.

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