H.R. 3395, Middle Market IPO Cost Act
H.R. 3395 would require the Government Accountability Office (GAO), in consultation with the Securities and Exchange Commission and the Financial Industry Regulatory Authority, to study and report to the Congress within one year of enactment on the costs small- and medium-sized companies incur when conducting initial public offerings (IPOs). An IPO is a process where a private company offers shares to the public for the first time, making it a publicly traded company.
Based on the cost of similar activities, CBO estimates that implementing H.R. 3395 would cost $1 million over the 2025-2026 period. Any related spending would be subject to the availability of appropriated funds.
The CBO staff contact for this estimate is Matthew Pickford. The estimate was reviewed by H. Samuel Papenfuss, Deputy Director of Budget Analysis.
Phillip L. Swagel
Director, Congressional Budget Office
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