[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2441 Reported in House (RH)]
Union Calendar No. 596
106th CONGRESS
2d Session
H. R. 2441
[Report No. 106-1034]
To amend the Securities Exchange Act of 1934 to reduce fees on
securities transactions.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
July 1, 1999
Mr. Lazio (for himself, Mr. Reynolds, Mr. Towns, Mr. Cook, Mr. Forbes,
Mr. Bilbray, Mr. Largent, Mrs. Kelly, Mr. Baker, Mr. Sweeney, Mr.
Engel, Mr. Crowley, Mr. Sessions, Mr. Barton of Texas, Mr. Schaffer,
Mr. Deal of Georgia, Mr. Riley, Mr. Gillmor, Mrs. Maloney of New York,
Mr. Bryant, Mr. DeLay, Mr. Shays, Mr. Meeks of New York, Mr. Pallone,
Mr. Burr of North Carolina, Mr. Armey, Mr. Tauzin, and Mr. Hall of
Texas) introduced the following bill; which was referred to the
Committee on Commerce
December 15, 2000
Additional sponsors: Mr. Hill of Montana, Mr. Buyer, Mr. Cunningham,
Mr. Gekas, Mr. Calvert, Mr. Upton, Mr. Cox, Mr. Owens, Mr. Barrett of
Wisconsin, Mr. Barr of Georgia, Mr. Sam Johnson of Texas, Mr. Coburn,
Mr. Rush, and Mr. Franks of New Jersey
December 15, 2000
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed
[Strike out all after the enacting clause and insert the part printed
in italic]
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to reduce fees on
securities transactions.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
<DELETED>SECTION 1. SHORT TITLE.</DELETED>
<DELETED> This Act may be cited as the ``Fairness in Securities
Transactions Act''.</DELETED>
<DELETED>SEC. 2. FEE REDUCTION.</DELETED>
<DELETED> (a) Reductions of Fees.--Section 31 of the Securities
Exchange Act of 1934 (15 U.S.C. 78ee) is amended by striking ``1/300 of
one percent'' each place it appears and inserting ``1/500 of one
percent''.</DELETED>
<DELETED> (b) Prevention of Shortfalls in Commission
Appropriations.--Section 31 of the Securities Exchange Act of 1934 is
further amended by adding at the end the following new
subsection:</DELETED>
<DELETED> ``(h) Insufficient Fees.--In any year in which the total
amount of fees collected under this section and section 6(b) of the
Securities Act of 1933 (including any balance in the account providing
appropriations to the Commission) are insufficient to provide for the
Commission's budget authority as provided by an appropriations Act,
such appropriations Act may provide that the fee under this section
shall be increased, with all such increased amounts deposited and
credited as offsetting collections to the account providing
appropriations to the Commission.''.</DELETED>
<DELETED>SEC. 3. REVISION OF SECURITIES TRANSACTION FEE
PROVISIONS.</DELETED>
<DELETED> (a) Amendments.--Section 31 of the Securities Exchange Act
of 1934 (15 U.S.C. 78ee) is amended--</DELETED>
<DELETED> (1) in the last sentence of subsection (b), by
inserting before the period the following: ``, except that 10
percent of such fees shall be deposited and credited as
offsetting collections to the account providing appropriations
to the Commission'';</DELETED>
<DELETED> (2) in the last sentence of subsection (c), by
inserting before the period the following: ``, except that 10
percent of such fees shall be deposited and credited as
offsetting collections to the account providing appropriations
to the Commission''; and</DELETED>
<DELETED> (3) in subsection (d), by striking paragraphs (2)
and (3) and inserting the following:</DELETED>
<DELETED> ``(2) Deposit of fees.--Fees collected pursuant to
this subsection shall be deposited and collected as general
revenue of the Treasury, except that 10 percent of such fees
shall be deposited and credited as offsetting collections to
the account providing appropriations to the
Commission.''.</DELETED>
<DELETED>SEC. 4. EFFECTIVE DATE.</DELETED>
<DELETED> The amendments made by this Act--</DELETED>
<DELETED> (1) shall take effect on October 1, 1999;
and</DELETED>
<DELETED> (2) shall cease to be effective on October 1,
2007.</DELETED>
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Fairness in Securities Transactions
Act''.
SEC. 2. FEE REDUCTION.
(a) Reductions of Fees.--Section 31 of the Securities Exchange Act
of 1934 (15 U.S.C. 78ee) is amended by striking ``\1/300\ of one
percent'' each place it appears and inserting ``\1/500\ of one
percent''.
(b) Prevention of Shortfalls in Commission Appropriations.--Section
31 of the Securities Exchange Act of 1934 is further amended by adding
at the end the following new subsection:
``(h) Insufficient Fees.--In any year in which the total amount of
fees collected under this section and section 6(b) of the Securities
Act of 1933 (including any balance in the account providing
appropriations to the Commission) are insufficient to provide for the
Commission's budget authority as provided by an appropriation Act, such
appropriation Act may provide that the fee under this section shall be
increased, with all such increased amounts deposited and credited as
offsetting collections to the account providing appropriations to the
Commission.''.
SEC. 3. REVISION OF SECURITIES TRANSACTION FEE PROVISIONS.
Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee)
is further amended--
(1) in subsection (b), by striking the last sentence;
(2) in subsection (c), by striking the last sentence;
(3) in subsection (d)--
(A) by striking paragraphs (2) and (3); and
(B) by striking the following:
``(d) Off-Exchange Trades of Last-Sale-Reported Securities.--
``(1) Covered transactions.--Each national securities'' and
adding the following:
``(d) Off-Exchange Trades of Last-Sale-Reported Securities.--Each
national securities''; and
(4) by adding after subsection (h) (as added by section
2(b) of this Act) the following new subsections:
``(i) Deposit of Fees.--
``(1) General revenues.--Fees collected pursuant to
subsections (b), (c), and (d) shall be deposited and collected
as general revenue of the Treasury, except that the amount
deposited and collected as general revenues for any fiscal year
shall not exceed the baseline amount for such fiscal year.
``(2) Offsetting collections.--Fees collected pursuant
subsections (b), (c) and (d) for any fiscal year in excess of
the baseline amount for such fiscal year--
``(A) shall not be collected or spent for any
fiscal year except to the extent provided in advance in
appropriation Acts; and
``(B) shall be deposited and credited as offsetting
collections to the account providing appropriations to
the Commission.
``(3) Baseline amount.--For purposes of this subsection,
the baseline amount for any fiscal year is the amount projected
by the Congressional Budget Office pursuant to section 257 the
Balanced Budget and Emergency Deficit Control Act of 1985, in
its most recently published report of its baseline projection
before the date of enactment of the Fairness in Securities
Transactions Act, to be collected and deposited as general
revenues pursuant to subsections (b) and (c) of this section as
in effect on the day before the date of enactment of such Act.
``(j) Lapse of Appropriation.--If on the first day of a fiscal year
a regular appropriation to the Commission has not been enacted, the
Commission shall continue to collect fees under subsections (b), (c),
and (d) at the rate in effect during the preceding fiscal year, until
such a regular appropriation is enacted.''.
SEC. 4. EFFECTIVE DATE.
The amendments made by this Act--
(1) shall take effect on October 1, 2000; and
(2) shall cease to be effective on October 1, 2006.
Union Calendar No. 596
106th CONGRESS
2d Session
H. R. 2441
[Report No. 106-1034]
_______________________________________________________________________
A BILL
To amend the Securities Exchange Act of 1934 to reduce fees on
securities transactions.
_______________________________________________________________________
December 15, 2000
Reported with an amendment, committed to the Committee of the Whole
House on the State of the Union, and ordered to be printed