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.
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