The bill, which would also increase pay for Securities and Exchange Commission (SEC) employees, reduces securities transaction and related fees to levels more consistent with their intended purpose – financing the oversight and regulatory functions of the SEC.
The SEC currently collects more than six times the amount it needs to fund its operations. The money is used to pay for other federal programs.
The adoption of the legislation, S 143, introduced by Phil Gramm (R – Texas) and Chuck Schumer (D – New York), paves the way for President Bush to sign the bill into law.
Earlier in the year, the House of Representatives passed its version of the bill, the Investors and Capital Markets Fee Relief Act, HR 1088.