Home > 107th Congressional Bills > H.R. 1088 (rh) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. [Reported in House] ...

H.R. 1088 (rh) To amend the Securities Exchange Act of 1934 to reduce fees collected by the Securities and Exchange Commission, and for other purposes. [Reported in House] ...

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    (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).


    (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 
    (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.


    (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.


                                                 JEFF TRANDAHL,

                                                        Calendar No. 74


  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.


                             June 14, 2001

            Received; read twice and placed on the calendar

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