Home > 107th Congressional Bills > S. 144 (is) To require country of origin labeling of peanuts and peanut products and to establish penalties for violations of the labeling requirements. [Introduced in Senate] ...

S. 144 (is) To require country of origin labeling of peanuts and peanut products and to establish penalties for violations of the labeling requirements. [Introduced in Senate] ...


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                                                        Calendar No. 20
107th CONGRESS
  1st Session
                                 S. 143

                           [Report No. 107-3]

To amend the Securities Act of 1933 and the Securities Exchange Act of 
1934, to reduce securities fees in excess of those required to fund the 
    operations of the Securities and Exchange Commission, to adjust 
compensation provisions for employees of the Commission, and for other 
                               purposes.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            January 22, 2001

Mr. Gramm (for himself, Mr. Schumer, Mr. Hagel, Mr. Enzi, Mr. Bennett, 
Mr. Bunning, Mr. Bond, Mr. Torricelli, Mr. Allard, Mr. Crapo, Mr. Bayh, 
 Mr. Miller, Mrs. Boxer, Mr. Ensign, and Mr. Santorum) introduced the 
 following bill; which was read twice and referred to the Committee on 
                  Banking, Housing, and Urban Affairs

                             March 14, 2001

                Reported by Mr. Gramm, with an amendment
 [Strike out all after the enacting clause and insert the part printed 
                               in italic]

_______________________________________________________________________

                                 A BILL


 
To amend the Securities Act of 1933 and the Securities Exchange Act of 
1934, to reduce securities fees in excess of those required to fund the 
    operations of the Securities and Exchange Commission, to adjust 
compensation provisions for employees of the Commission, and for other 
                               purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

<DELETED>SECTION 1. SHORT TITLE; TABLE OF CONTENTS.</DELETED>

<DELETED>    (a) Short Title.--This Act may be cited as the 
``Competitive Market Supervision Act of 2001''.</DELETED>
<DELETED>    (b) Table of Contents.--The table of contents for this Act 
is as follows:</DELETED>

<DELETED>Sec. 1. Short title; table of contents.
<DELETED>Sec. 2. Reduction in registration fee rates; elimination of 
                            general revenue component.
<DELETED>Sec. 3. Reduction in merger and tender fee rates; 
                            reclassification as offsetting collections.
<DELETED>Sec. 4. Reduction in transaction fees; elimination of general 
                            revenue component.
<DELETED>Sec. 5. Adjustments to fee rates.
<DELETED>Sec. 6. Comparability provisions.
<DELETED>Sec. 7. Effective date.

<DELETED>SEC. 2. REDUCTION IN REGISTRATION FEE RATES; ELIMINATION OF 
              GENERAL REVENUE COMPONENT.</DELETED>

<DELETED>    Section 6(b) of the Securities Act of 1933 (15 U.S.C. 
77f(b)) is amended--</DELETED>
        <DELETED>    (1) by striking paragraph (2) and inserting the 
        following:</DELETED>
        <DELETED>    ``(2) Fee payment required.--At the time of filing 
        a registration statement, the applicant shall pay to the 
        Commission a fee that shall be equal to the amount determined 
        under the rate established by paragraph (3). The Commission 
        shall publish in the Federal Register notices of the fee rate 
        applicable under this section for each fiscal 
        year.'';</DELETED>
        <DELETED>    (2) by striking paragraph (3);</DELETED>
        <DELETED>    (3) by redesignating paragraphs (4) and (5) as 
        paragraphs (3) and (4), respectively;</DELETED>
        <DELETED>    (4) in paragraph (3), as redesignated--</DELETED>
                <DELETED>    (A) by striking subparagraph (A) and 
                inserting the following:</DELETED>
                <DELETED>    ``(A) In general.--Except as provided in 
                subparagraphs (B) and (C), the rate determined under 
                this paragraph is a rate equal to the following amount 
                per $1,000,000 of the maximum aggregate price at which 
                the securities are proposed to be offered:</DELETED>
                        <DELETED>    ``(i) $67 for each of fiscal years 
                        2002 through 2006.</DELETED>
                        <DELETED>    ``(ii) $33 for fiscal year 2007 
                        and each fiscal year thereafter.''; 
                        and</DELETED>
                <DELETED>    (B) in subparagraph (B), by striking 
                ``this paragraph (4)'' and inserting ``this 
                paragraph''; and</DELETED>
        <DELETED>    (5) by striking paragraph (4), as redesignated, 
        and inserting the following:</DELETED>
        <DELETED>    ``(4) Pro rata application of rate.--The rate 
        required by this subsection shall be applied pro rata to 
        amounts and balances equal to or less than 
        $1,000,000.''.</DELETED>

<DELETED>SEC. 3. REDUCTION IN MERGER AND TENDER FEE RATES; 
              RECLASSIFICATION AS OFFSETTING COLLECTIONS.</DELETED>

<DELETED>    (a) Section 13.--Section 13(e)(3) of the Securities 
Exchange Act of 1934 (15 U.S.C. 78m(e)(3)) is amended to read as 
follows:</DELETED>
        <DELETED>    ``(3) Fees.--</DELETED>
                <DELETED>    ``(A) In general.--At the time of the 
                filing of any statement that the Commission may require 
                by rule pursuant to paragraph (1), the person making 
                the filing shall pay to the Commission a fee equal to--
                </DELETED>
                        <DELETED>    ``(i) $67 for each $1,000,000 of 
                        the value of the securities proposed to be 
                        purchased, for each of fiscal years 2002 
                        through 2006; and</DELETED>
                        <DELETED>    ``(ii) $33 for each $1,000,000 of 
                        the value of securities proposed to be 
                        purchased, for fiscal year 2007 and each fiscal 
                        year thereafter.</DELETED>
                <DELETED>    ``(B) Reduction.--The fee required by this 
                paragraph shall be reduced with respect to securities 
                in an amount equal to any fee paid with respect to any 
                securities issued in connection with the proposed 
                transaction under section 6(b) of the Securities Act of 
                1933, or the fee paid under that section shall be 
                reduced in an amount equal to the fee paid to the 
                Commission in connection with such transaction under 
                this paragraph.</DELETED>
                <DELETED>    ``(C) Limitation; deposit of fees.--
                </DELETED>
                        <DELETED>    ``(i) Limitation.--Except as 
                        provided in subparagraph (D), no amounts shall 
                        be collected pursuant to this paragraph for any 
                        fiscal year, except to the extent provided in 
                        advance in appropriations Acts.</DELETED>
                        <DELETED>    ``(ii) Deposit of fees.--Fees 
                        collected during any fiscal year pursuant to 
                        this paragraph shall be deposited and credited 
                        as offsetting collections in accordance with 
                        appropriations Acts.</DELETED>
                <DELETED>    ``(D) Lapse of appropriations.--If, on the 
                first day of a fiscal year, a regular appropriation to 
                the Commission has not been enacted for that fiscal 
                year, the Commission shall continue to collect fees (as 
                offsetting collections) under this paragraph at the 
                rate in effect during the preceding fiscal year, until 
                such a regular appropriation is enacted.</DELETED>
                <DELETED>    ``(E) Pro rata application of rate.--The 
                rate required by this paragraph shall be applied pro 
                rata to amounts and balances equal to or less than 
                $1,000,000.''.</DELETED>
<DELETED>    (b) Section 14.--</DELETED>
        <DELETED>    (1) Preliminary proxy solicitations.--Section 
        14(g)(1) of the Securities Exchange Act of 1934 (15 U.S.C. 
        78n(g)(1)) is amended--</DELETED>
                <DELETED>    (A) in subparagraph (A), by striking 
                ``Commission the following fees'' and all that follows 
                through the end of the subparagraph and inserting 
                ``Commission--</DELETED>
                        <DELETED>    ``(i) for preliminary proxy 
                        solicitation material involving an acquisition, 
                        merger, or consolidation, if there is a 
                        proposed payment of each or transfer of 
                        securities or property to shareholders, a fee 
                        equal to--</DELETED>
                                <DELETED>    ``(I) $67 for each 
                                $1,000,000 of such proposed payment, or 
                                of the value of such securities or 
                                other property proposed to be 
                                transferred, for each of fiscal years 
                                2002 through 2006; and</DELETED>
                                <DELETED>    ``(II) $33 for each 
                                $1,000,000 of such proposed payment, or 
                                of the value of such securities or 
                                other property proposed to be 
                                transferred, for fiscal year 2007 and 
                                each fiscal year thereafter; 
                                and</DELETED>
                        <DELETED>    ``(ii) for preliminary proxy 
                        solicitation material involving a proposed sale 
                        or other disposition of substantially all of 
                        the assets of a company, a fee equal to--
                        </DELETED>
                                <DELETED>    ``(I) $67 for each 
                                $1,000,000 of the cash or of the value 
                                of any securities or other property 
                                proposed to be received upon such sale 
                                or disposition, for each of fiscal 
                                years 2002 through 2006; and</DELETED>
                                <DELETED>    ``(II) $33 for each 
                                $1,000,000 of the cash or of the value 
                                of any securities or other property 
                                proposed to be received upon such sale 
                                or disposition, for fiscal year 2007 
                                and each fiscal year 
                                thereafter.'';</DELETED>
                <DELETED>    (B) in subparagraph (B), by inserting 
                ``Reduction.--'' before ``The fee''; and</DELETED>
                <DELETED>    (C) by adding at the end the 
                following:</DELETED>
                <DELETED>    ``(C) Limitation; deposit of fees.--
                </DELETED>
                        <DELETED>    ``(i) Limitation.--Except as 
                        provided in subparagraph (D), no amounts shall 
                        be collected pursuant to this paragraph for any 
                        fiscal year, except to the extent provided in 
                        advance in appropriations Acts.</DELETED>
                        <DELETED>    ``(ii) Deposit of fees.--Fees 
                        collected during any fiscal year pursuant to 
                        this paragraph shall be deposited and credited 
                        as offsetting collections in accordance with 
                        appropriations Acts.</DELETED>
                <DELETED>    ``(D) Lapse of appropriations.--If, on the 
                first day of a fiscal year, a regular appropriation to 
                the Commission has not been enacted for that fiscal 
                year, the Commission shall continue to collect fees (as 
                offsetting collections) under this paragraph at the 
                rate in effect during the preceding fiscal year, until 
                such a regular appropriation is enacted.</DELETED>
                <DELETED>    ``(E) Pro rata application of rate.--The 
                rate required by this paragraph shall be applied pro 
                rata to amounts and balances equal to or less than 
                $1,000,000.''.</DELETED>
        <DELETED>    (2) Other filings.--Section 14(g)(3) of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78n(g)(3)) is 
        amended--</DELETED>
                <DELETED>    (A) by striking ``At the time'' and 
                inserting the following: ``Other filings.--</DELETED>
                <DELETED>    ``(A) Fee rate.--At the time'';</DELETED>
                <DELETED>    (B) by striking ``the Commission a fee 
                of'' and all that follows through ``The fee'' and 
                inserting the following: ``the Commission a fee equal 
                to--</DELETED>
                        <DELETED>    ``(i) $67 for each $1,000,000 of 
                        the aggregate amount of cash or of the value of 
                        securities or other property proposed to be 
                        offered, for each of fiscal years 2002 through 
                        2006; and</DELETED>
                        <DELETED>    ``(ii) $33 for each $1,000,000 of 
                        the aggregate amount of cash or of the value of 
                        securities or other property proposed to be 
                        offered, for fiscal year 2007 and each fiscal 
                        year thereafter.</DELETED>
                <DELETED>    ``(B) Reduction.--The fee required under 
                subparagraph (A)''; and</DELETED>
                <DELETED>    (C) by adding at the end the 
                following:</DELETED>
                <DELETED>    ``(C) Limitation; deposit of fees.--
                </DELETED>
                        <DELETED>    ``(i) Limitation.--Except as 
                        provided in subparagraph (D), no amounts shall 
                        be collected pursuant to this paragraph for any 
                        fiscal year, except to the extent provided in 
                        advance in appropriations Acts.</DELETED>
                        <DELETED>    ``(ii) Deposit of fees.--Fees 
                        collected during any fiscal year pursuant to 
                        this paragraph shall be deposited and credited 
                        as offsetting collections in accordance with 
                        appropriations Acts.</DELETED>
                <DELETED>    ``(D) Lapse of appropriations.--If, on the 
                first day of a fiscal year, a regular appropriation to 
                the Commission has not been enacted for that fiscal 
                year, the Commission shall continue to collect fees (as 
                offsetting collections) under this paragraph at the 
                rate in effect during the preceding fiscal year, until 
                such a regular appropriation is enacted.</DELETED>
                <DELETED>    ``(E) Pro rata application of rate.--The 
                rate required by this paragraph shall be applied pro 
                rata to amounts and balances equal to or less than 
                $1,000,000.''.</DELETED>

<DELETED>SEC. 4. REDUCTION IN TRANSACTION FEES; ELIMINATION OF GENERAL 
              REVENUE COMPONENT.</DELETED>

<DELETED>    Section 31 of the Securities Exchange Act of 1934 (15 
U.S.C. 78ee) is amended--</DELETED>
        <DELETED>    (1) by striking subsections (b) through (d) and 
        inserting the following:</DELETED>
<DELETED>    ``(b) Transaction Fees.--</DELETED>
        <DELETED>    ``(1) In general.--Each national securities 
        exchange and national securities association shall pay to the 
        Commission a fee at a rate equal to the transaction offsetting 
        collection rate described in paragraph (2) of the aggregate 
        dollar amount of sales of securities (other than bonds, 
        debentures, and other evidences of indebtedness)--</DELETED>
                <DELETED>    ``(A) transacted on such national 
                securities exchange;</DELETED>

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