The bill, HR 1088, also known as the “Investor and Capital Markets Relief Act,” would reduce fees to register, buy and sell securities, as well as trim fees currently imposed on corporate mergers and acquisitions. It now moves to the full House Financial Services Committee, with a vote as early as next week.
Subcommittee members approved the bill on a bipartisan
voice vote, with only Representative Paul Kanjorski (D-Pa.)
voting in opposition, after three failed attempts to amend
it. Kanjorksi’s amendment would have cut securities
trading fees only, saving just $5 billion over 10 years.
The bill is similar to one adopted by the Senate Banking Committee earlier this month. Both provide a pay raise for certain SEC employees to put them on par with counterparts at federal bank regulatory agencies, in addition to the reduction in SEC fees.
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 is online at http://www.house.gov/financialservices/hr1088ai.pdf (requires Adobe Acrobat)