| 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] ...
(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: JEFF TRANDAHL, Clerk. Calendar No. 74 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. _______________________________________________________________________ June 14, 2001 Received; read twice and placed on the calendar
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