H.R.1256 - Savings and Investment Relief Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Fossella, Vito [R-NY-13] (Introduced 03/24/1999)|
|Committees:||House - Commerce|
|Latest Action:||09/28/1999 Subcommittee Hearings Held. (All Actions)|
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- Finance and Financial Sector
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Summary: H.R.1256 — 106th Congress (1999-2000)All Bill Information (Except Text)
Introduced in House (03/24/1999)
Savings and Investment Relief Act of 1999 - Amends the Securities Exchange Act of 1934 to prohibit the Securities and Exchange Commission (SEC) from collecting transaction fees for FY 2000 through 2006 which in the aggregate exceed specified amounts for the following types of securities: (1) exchange-traded securities; (2) off-exchange trades of exchange registered securities; and (3) off-exchange trades of last-sale reported securities.
Directs the SEC to publish annually in the Federal Register notice of such fee limitations and any suspension of fees.
Sets a ceiling for the maximum amount of such transaction fees which may be deposited and collected as general revenue of the Treasury.
Mandates that the balance of such fees which are not deposited as general revenue shall be deposited and credited as offsetting collections to the SEC appropriations account.
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.