Home > 107th Congressional Bills > H.R. 1088 (ih) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. Fiscal year Target offsetting collection amount Fiscal year Target offsetting collection amount [Introd...H.R. 1088 (ih) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. Fiscal year Target offsetting collection amount Fiscal year Target offsetting collection amount [Introd...
adjusting schedules of compensation and benefits for officers,
attorneys, economists, examiners, and other employees of the
Commission under applicable provisions of law, the Commission
shall inform the heads of the agencies referred to under
section 1206 of the Financial Institutions Reform, Recovery,
and Enforcement Act of 1989 (12 U.S.C. 1833b) and Congress of
such compensation and benefits and shall seek to maintain
comparability with such agencies regarding compensation and
benefits.''.
(3) Amendment to firrea of 1989.--Section 1206 of the
Financial Institutions Reform, Recovery, and Enforcement Act of
1989 (12 U.S.C. 1833b) is amended by striking ``the Thrift
Depositor Protection Oversight Board of the Resolution Trust
Corporation''.
SEC. 9. STUDY OF THE EFFECT OF FEE REDUCTIONS.
(a) Study.--The Office of Economic Analysis of the Securities and
Exchange Commission (hereinafter referred to as the ``Office'') shall
conduct a study of the extent to which the benefits of reductions in
fees effected as a result of this Act are passed on to investors.
(b) Factors for Consideration.--In conducting the study under
subsection (a), the Office shall--
(1) consider the various elements of the securities
industry directly and indirectly benefitting from the fee
reductions, including purchasers and sellers of securities,
members of national securities exchanges, issuers, broker-
dealers, underwriters, participants in investment companies,
retirement programs, and others;
(2) consider the impact on different types of investors,
such as individual equity holders, individual investment
company shareholders, businesses, and other types of investors;
(3) include in the interpretation of the term ``investor''
shareholders of entities subject to the fee reductions; and
(4) consider the economic benefits to investors flowing
from the fee reductions to include such factors as market
efficiency, expansion of investment opportunities, and enhanced
liquidity and capital formation.
(c) Report to Congress.--Not later than 2 years after the date of
enactment of this Act, the Securities and Exchange Commission shall
submit to the Congress the report prepared by the Office on the
findings of the study conducted under subsection (a).
SEC. 10. STUDY OF CONVERSION TO SELF-FUNDING.
(a) GAO Study Required.--The Comptroller General shall conduct a
study of the impact, implications, and consequences of converting the
Securities and Exchange Commission to a self-funded basis. Such study
shall include analysis of the following issues:
(1) SEC operations.--The impact of such conversion on the
Commission's operations, including staff quality, recruitment,
and retention.
(2) Congressional oversight.--The implications for
congressional oversight of the Commission, including whether
imposing annual expenditure limitations would be beneficial to
such oversight.
(3) Fees.--The likely consequences of the conversion on the
rates, collection procedures, and predictability of fees
collected by the Commission.
(4) Appropriations.--The methods by which the conversion
may be accomplished without reducing the availability of
offsetting collections for appropriations.
(5) Other matters.--Such other impacts, implications, and
consequences as the Comptroller General may consider relevant
to congressional consideration of the question of such
conversion.
(b) Submission of Report.--The Comptroller General shall submit to
the Committees on Financial Services and Government Reform of the House
of Representatives and the Committees on Banking, Housing, and Urban
Affairs and Governmental Affairs of the Senate a report on the study
required by subsection (a) no later than 180 after the date of
enactment of this Act.
(c) Definition.--For the purposes of this section, the term ``self-
funded basis'' means that--
(1) an agency is authorized to deposit the receipts of its
collections in the Treasury of the United States, or in a
depository institution, but such deposits are not treated as
Government funds or appropriated monies, and are available for
the salaries and other expenses of the Commission and its
employees without annual appropriation or apportionment; and
(2) the agency is authorized to employ and fix the salaries
and other compensation of its officers and employees, and such
salaries and other compensation are paid without regard to the
provisions of other laws applicable to officers and employees
of the United States.
SEC. 11. EFFECTIVE DATES.
(a) In General.--Except as provided in subsections (b) and (c), the
amendments made by this Act shall take effect on October 1, 2001.
(b) Immediate Transaction Fee Reductions.--The amendments made by
section 2 shall take effect on the later of--
(1) the first day of fiscal year 2002; or
(2) 30 days after the date on which a regular appropriation
to the Commission for such fiscal year is enacted.
(c) Additional Exceptions.--The authorities provided by section
6(b)(9) of the Securities Act of 1933 and sections 13(e)(9), 14(g)(9)
and 31(k) of the Securities Exchange Act of 1934, as so designated by
this Act, shall not apply until October 1, 2002.
Passed the House of Representatives June 14, 2001.
Attest:
Clerk.
107th CONGRESS
1st Session
H. R. 1088
_______________________________________________________________________
AN ACT
To amend the Securities Exchange Act of 1934 to reduce fees collected
by the Securities and Exchange Commission, and for other purposes.
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