May 29, 2013
As ordered reported by the House Committee on Financial Services on May 7, 2013
H.R. 801 would change several thresholds for savings and loan holding companies that determine whether such entities must take action with the Securities and Exchange Commission (SEC). Specifically, the bill would change the number of shareholders of record (shareholders whose names are registered on the books of a savings and loan holding company as owning shares of the entity at a particular time) that must be in place for the SEC to:
- Require that a security of the holding company be registered;
- Suspend the registration of a security issued by a holding company; and
- Suspend certain reporting requirements for a holding company.
Based on information from the SEC, CBO expects that implementing H.R. 801 would not have a significant effect on the workload of the agency, and as a result, CBO estimates that implementing H.R. 801 would not significantly affect discretionary spending. Further, under current law, the SEC is authorized to collect fees sufficient to offset its appropriation each year; therefore, we estimate that the net cost to the SEC would be negligible, assuming appropriation actions consistent with that authority. Enacting H.R. 801 would not affect direct spending or revenues; therefore, pay-as-you-go procedures do not apply.
H.R. 801 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.