H.R.4213 - Savings and Investment Relief Act of 1998105th Congress (1997-1998)
|Sponsor:||Rep. Solomon, Gerald B. H. [R-NY-22] (Introduced 07/14/1998)|
|Committees:||House - Commerce|
|Latest Action:||10/01/1998 Sponsor introductory remarks on measure. (All Actions)|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.4213 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (07/14/1998)
Savings and Investment Relief Act of 1998 - Amends the Securities Exchange Act of 1934 with respect to transaction fees for both exchange-traded and exchange-regulated securities and off-exchange trades of last-sale-reported securities. Directs the Securities and Exchange Commission (SEC) to prescribe annually a fiscal year fee limitation based upon the pro rata share of the aggregate dollar amount of securities sales, so that total fee payments will not exceed specified limits.
Requires each national securities exchange and national securities association to adopt implementing rules which provide fee reductions for all market participants.
Directs the SEC to report annually to the Congress on the total amount of transaction fees collected by each national securities exchange and national securities association.
Authorizes future appropriations Acts to increase such fee limitations in any year in which the total fees collected are insufficient for SEC budget authority provided under such Acts.