Home > 107th Congressional Bills > H.R. 1089 (ih) To amend title XVIII of the Social Security Act to expand medicare coverage of certain self-injected biologicals. [Introduced in House] ...H.R. 1089 (ih) To amend title XVIII of the Social Security Act to expand medicare coverage of certain self-injected biologicals. [Introduced in House] ...
Union Calendar No. 42
107th CONGRESS
1st Session
H. R. 1088
[Report No. 107-52 Part I]
To amend the Securities Exchange Act of 1934 to reduce fees collected
by the Securities and Exchange Commission, and for other purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 19, 2001
Mr. Fossella (for himself, Mr. Oxley, Mr. Baker, Mrs. Kelly, Mrs.
Maloney of New York, Mr. Menendez, Mr. Reynolds, Mr. Royce, Mr. King,
Mr. Ose, Mrs. Roukema, Mr. Foley, Mr. Toomey, Mr. Gillmor, Mr. Gary
Miller of California, Mr. Rogers of Michigan, Mr. Shadegg, Mr. Grucci,
Mr. Weldon of Florida, Mr. Shays, Mr. Manzullo, Mr. Ackerman, Mr.
Crowley, Mr. Ford, Mr. Moore, Mr. Blagojevich, Mr. Israel, Mr. Bentsen,
Mr. Bachus, Ms. Hart, Mr. Jones of North Carolina, Mr. Ney, Mr.
Sweeney, Mr. Ross, Ms. Velazquez, and Mr. Engel) introduced the
following bill; which was referred to the Committee on Financial
Services
May 1, 2001
Reported with an amendment and referred to the Committee on Government
Reform for a period ending not later than May 2, 2001, for
consideration of such provisions of the bill and amendment as fall
within the jurisdiction of that committee pursuant to clause 1(h), rule
X
[Strike out all after the enacting clause and insert the part printed
in italic]
May 12, 2001
Referral to the Committee on Government Reform extended for a period
ending not later than May 8, 2001
May 8, 2001
Referral to the Committee on Government Reform extended for a period
ending not later than May 9, 2001
May 9, 2001
Referral to the Committee on Government Reform extended for a period
ending not later than May 10, 2001
May 10, 2001
Referral to the Committee on Government Reform extended for a period
ending not later than May 18, 2001
May 18, 2001
Referral to the Committee on Government Reform extended for a period
ending not later than May 25, 2001
May 25, 2001
Additional sponsors: Mr. Ryun of Kansas, Mr. Ferguson, Mr. Sherman, Mr.
Gonzalez, Mr. Maloney of Connecticut, Mr. Green of Wisconsin, Mr.
Frelinghuysen, Mr. Matsui, Mr. LaTourette, and Mr. Otter
May 25, 2001
The Committee on Government Reform discharged; referred to the
Committee of the Whole House on the State of the Union and ordered to
be printed
[For text of introduced bill, see copy of bill as introduced on March
19, 2001]
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to reduce fees collected
by the Securities and Exchange Commission, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Investor and Capital Markets Fee
Relief Act''.
SEC. 2. IMMEDIATE TRANSACTION FEE REDUCTIONS.
Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee)
is amended--
(1) by striking ``\1/300\ of one percent'' each place it
appears in subsections (b) and (d) and inserting ``$12 per
$1,000,000'';
(2) in the first sentence of subsection (b), by striking
``, except that'' and all that follows through the end of such
sentence and inserting a period;
(3) in paragraph (1) of subsection (d), by striking ``,
except that'' and all that follows through the end of such
paragraph and inserting a period;
(4) in subsection (e), by striking ``$0.02'' and inserting
``$0.0072''; and
(5) by adding at the end the following new subsection:
``(i) Pro Rata Application.--The rates per $1,000,000 required by
this section shall be applied pro rata to amounts and balances equal to
less than $1,000,000.''.
SEC. 3. REVISION OF SECURITIES TRANSACTION FEE PROVISIONS; ADDITIONAL
FEE REDUCTIONS.
(a) Pooling and Allocation of Collections.--Section 31 of the
Securities Exchange Act of 1934 (15 U.S.C. 78ee) is further amended--
(1) in subsection (b)--
(A) by striking ``Every'' and inserting ``Subject
to subsection (j), each''; and
(B) by striking the last sentence;
(2) by striking subsection (c);
(3) in subsection (d)--
(A) by striking paragraphs (2) and (3);
(B) by striking the following:
``(d) Off-Exchange Trades of Last-Sale-Reported Securities.--
``(1) Covered transactions.--Each national securities''
and inserting the following:
``(c) Off-Exchange Trades of Exchange Registered and Last-Sale-
Reported Securities.--Subject to subsection (j), each national
securities'';
(C) by inserting ``registered on a national
securities exchange or'' after ``security futures
products)''; and
(D) by striking ``, excluding any sales for which a
fee is paid under subsection (c)'';
(4) in subsection (e), by striking ``except that for fiscal
year 2007'' and all that follows through the end of such
subsection and inserting the following: ``except that for
fiscal year 2007 and each succeeding fiscal year such
assessment shall be equal to $0.0042 for each such
transaction.'';
(5) in subsection (f), by striking ``Dates for Payment of
Fees.--The fees required'' and inserting ``Dates for
Payments.--The fees and assessments required'';
(6) by redesignating subsections (e) through (i) (as added
by section 2(5)) as subsections (d) through (h), respectively;
(7) by adding at the end the following new subsection:
``(i) Deposit of Fees.--
``(1) Offsetting collections.--Fees collected pursuant to
subsections (b), (c), and (d) for any fiscal year--
``(A) shall be deposited and credited as offsetting
collections to the account providing appropriations to
the Commission; and
``(B) except as provided in subsection (k), shall
not be collected for any fiscal year except to the
extent provided in advance in appropriation Acts.
``(2) General revenues prohibited.--No fees collected
pursuant to subsections (b), (c), and (d) for fiscal year 2002
or any succeeding fiscal year shall be deposited and credited
as general revenue of the Treasury.''.
(b) Additional Reductions of Fees.--
(1) Amendment.--Section 31 of the Securities Exchange Act
of 1934 (15 U.S.C. 78ee) is further amended by adding after
subsection (i) (as added by subsection (a)(7)) the following
new subsections:
``(j) Recapture of Projection Windfalls for Further Rate
Reductions.--
``(1) Annual adjustment.--For each of the fiscal years 2003
through 2011, the Commission shall by order adjust each of the
rates applicable under subsections (b) and (c) for such fiscal
year to a uniform adjusted rate that, when applied to the
baseline estimate of the aggregate dollar amount of sales for
such fiscal year, is reasonably likely to produce aggregate fee
collections under this section (including assessments collected
under subsection (d)) that are equal to the target offsetting
collection amount for such fiscal year.
``(2) Final rate adjustment.--For fiscal year 2012 and all
of the succeeding fiscal years, the Commission shall by order
adjust each of the rates applicable under subsections (b) and
(c) for all of such fiscal years to a uniform adjusted rate
that, when applied to the baseline estimate of the aggregate
dollar amount of sales for fiscal year 2012, is reasonably
likely to produce aggregate fee collections under this section
in fiscal year 2012 (including assessments collected under
subsection (d)) equal to the target offsetting collection
amount for fiscal year 2011.
``(3) Review and effective date.--An adjusted rate
prescribed under paragraph (1) or (2) and published under
subsection (g) shall not be subject to judicial review. Subject
to subsections (i)(1)(B) and (k)--
``(A) an adjusted rate prescribed under paragraph
(1) shall take effect on the later of--
``(i) the first day of the fiscal year to
which such rate applies; or
``(ii) 30 days after the date on which a
regular appropriation to the Commission for
such fiscal year is enacted; and
``(B) an adjusted rate prescribed under paragraph
(2) shall take effect on the later of--
``(i) the first day of fiscal year 2012; or
``(ii) 30 days after the date on which a
regular appropriation to the Commission for
fiscal year 2012 is enacted.
``(k) Lapse of Appropriation.--If on the first day of a fiscal year
a regular appropriation to the Commission has not been enacted, the
Commission shall continue to collect (as offsetting collections) the
fees and assessments under subsections (b), (c), and (d) at the rate in
effect during the preceding fiscal year, until 30 days after the date
such a regular appropriation is enacted.
``(l) Definitions.--For purposes of this section:
``(1) Target offsetting collection amount.--The target
offsetting collection amount for each of the fiscal years 2002
through 2011 is determined according to the following table:
Target offsetting
``Fiscal year:
collection amount
2002............................................... $585,720,000
2003............................................... $679,320,000
2004............................................... $822,240,000
2005............................................... $976,320,000
2006............................................... $1,148,040,000
2007............................................... $880,880,000
2008............................................... $892,080,000
2009............................................... $1,023,120,000
2010............................................... $1,161,440,000
2011............................................... $1,321,040,000
``(2) Baseline estimate of the aggregate dollar amount of
sales.--The baseline estimate of the aggregate dollar amount of
sales for any fiscal year is the baseline estimate of the
aggregate dollar amount of sales of securities (other than
bonds, debentures, other evidences of indebtedness, and
security futures products) to be transacted on each national
securities exchange and by or through any member of each
national securities association (otherwise than on a national
securities exchange) during such fiscal year as determined by
the Commission, after consultation with the Congressional
Budget Office and the Office of Management and Budget, using
the methodology required for making projections pursuant to
section 257 of the Balanced Budget and Emergency Deficit
Control Act of 1985.''.
(2) Conforming amendment.--Section 31(g) of such Act (as
redesignated by subsection (a)(6) of this section) is amended
by inserting before the period at the end the following: ``not
later than April 30 of the fiscal year preceding the fiscal
year to which such rate applies, together with any estimates or
projections on which such fees are based''.
SEC. 4. REDUCTION OF REGISTRATION FEES.
Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is
amended by striking paragraphs (2) through (5) and inserting the
following:
``(2) Fee payment required.--At the time of filing a
registration statement, the applicant shall pay to the
Commission a fee at a rate that shall be equal to $125 per
$1,000,000 of the maximum aggregate price at which such
securities are proposed to be offered, except that during
fiscal year 2003 and any succeeding fiscal year such fee shall
be adjusted pursuant to paragraph (5) or (6).
``(3) Offsetting collections.--Fees collected pursuant to
this subsection for any fiscal year--
``(A) shall be deposited and credited as offsetting
collections to the account providing appropriations to
the Commission; and
``(B) except as provided in paragraph (9), shall
not be collected for any fiscal year except to the
extent provided in advance in appropriation Acts.
``(4) General revenues prohibited.--No fees collected
pursuant to this subsection for fiscal year 2002 or any
succeeding fiscal year shall be deposited and credited as
general revenue of the Treasury.
``(5) Annual adjustment.--For each of the fiscal years 2003
through 2011, the Commission shall by order adjust the rate
required by paragraph (2) for such fiscal year to a rate that,
when applied to the baseline estimate of the aggregate maximum
offering prices for such fiscal year, is reasonably likely to
produce aggregate fee collections under this subsection that
are equal to the target offsetting collection amount for such
fiscal year.
``(6) Final rate adjustment.--For fiscal year 2012 and all
of the succeeding fiscal years, the Commission shall by order
adjust the rate required by paragraph (2) for all of such
fiscal years to a rate that, when applied to the baseline
estimate of the aggregate maximum offering prices for fiscal
year 2012, is reasonably likely to produce aggregate fee
collections under this subsection in fiscal year 2012 equal to
the target offsetting collection amount for fiscal year 2011.
``(7) Pro rata application.--The rates per $1,000,000
Other Popular 107th Congressional Bills Documents:
|
| GovRecords.org presents information on various agencies of the United States Government. Even though all information is believed to be credible and accurate, no guarantees are made on the complete accuracy of our government records archive. Care should be taken to verify the information presented by responsible parties. Please see our reference page for congressional, presidential, and judicial branch contact information. GovRecords.org values visitor privacy. Please see the privacy page for more information. |
 |