Banking Cie. To Consider Lowering SEC Fees

February 26, 2001 ( - The Senate Banking Committee will meet Thursday to consider a bill that could save investors billions in securities trading fees.

Senate Banking Committee Chairman Phil Gramm (R-Texas) said the Competitive Market Supervision Act would save investors $8 billion over five years by lowering fees paid whenever securities are registered, bought or sold, according to Dow Jones.

In January, Gramm noted that an average investor with a simple 401(k) retirement plan currently pays about $1,000 over their lifetime in SEC fees alone.

The SEC currently collects about $2.3 billion each year in section 31 fees, though it requires less than $400 million annually in operating expenses.

The bill also would bring the salaries of SEC staff in line with those at other regulatory agencies.