H.R. 1312 would require the Securities and Exchange Commission (SEC) to review and assess the recommendations generated at an annual forum of government agencies and business professionals convened to discuss small business capital formation. The SEC also would be required to disclose any actions it intends to take in response to any finding or recommendation made by the forum.
Based on an analysis of information from the SEC, CBO estimates that implementing H.R. 1312 would cost less than $500,000 to complete the review and assessment of recommendations. Under current law, 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. 1312 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply. CBO estimates that enacting H.R. 1312 would not increase net direct spending or on-budget deficits in any of the four consecutive 10-year periods beginning in 2028.
H.R. 1312 contains no intergovernmental or private-sector mandates as defined in the Unfunded Mandates Reform Act and would not affect the budgets of state, local, or tribal governments.
