[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1256 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 1256

 To amend the Securities Exchange Act of 1934 to provide for an annual 
   limit on the amount of certain fees which may be collected by the 
                  Securities and Exchange Commission.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             March 24, 1999

 Mr. Fossella (for himself and Mr. Menendez) introduced the following 
         bill; which was referred to the Committee on Commerce

_______________________________________________________________________

                                 A BILL


 
 To amend the Securities Exchange Act of 1934 to provide for an annual 
   limit on the amount of certain fees which may be collected by the 
                  Securities and Exchange Commission.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Savings and Investment Relief Act of 
1999''.

SEC. 2. TRANSACTION FEES.

    Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) 
is amended by adding at the end the following new subsection:
    ``(h) Transaction Fee Limitation; Deposit of Fees.--
            ``(1) Limitation on transaction fees.--
                    ``(A) In general.--For fiscal years 2000 through 
                2006, the Commission shall not collect any fees 
                described in subsections (b), (c), and (d) which in the 
                aggregate exceed--
                            ``(i) $463,000,000 during fiscal year 2000;
                            ``(ii) $524,000,000 during fiscal year 
                        2001;
                            ``(iii) $584,000,000 during fiscal year 
                        2002;
                            ``(iv) $652,000,000 during fiscal year 
                        2003;
                            ``(v) $725,000,000 during fiscal year 2004;
                            ``(vi) $803,000,000 during fiscal year 
                        2005; and
                            ``(vii) $889,000,000 during fiscal year 
                        2006.
                    ``(B) Publication.--The Commission shall publish 
                annually in the Federal Register notice of the fee 
                limitations described in this paragraph and any 
                suspension of fees pursuant to the limitations 
                described in this paragraph.
                    ``(C) Commission authority.--The Commission shall 
                have the authority to implement by rule, regulation, or 
                order a process for termination of fee collections 
                consistent with the limitation provided in this 
                paragraph, including the authority to provide by rule, 
                regulation, or order a process for appropriate 
                treatment of any amounts collected in excess of such 
                limits.
            ``(2) Deposit of transaction fees.--
                    ``(A) General revenue.--Notwithstanding subsections 
                (b), (c), and (d), during fiscal years 2000 through 
                2006, fees collected pursuant to subsections (b), (c), 
                and (d) shall be deposited and collected as general 
                revenue of the Treasury, in an amount not to exceed--
                            ``(i) $338,000,000 during fiscal year 2000;
                            ``(ii) $389,000,000 during fiscal year 
                        2001;
                            ``(iii) $444,000,000 during fiscal year 
                        2002;
                            ``(iv) $502,000,000 during fiscal year 
                        2003;
                            ``(v) $565,000,000 during fiscal year 2004;
                            ``(vi) $633,000,000 during fiscal year 
                        2005; and
                            ``(vii) $709,000,000 during fiscal year 
                        2006.
                    ``(B) Offsetting collections.--Notwithstanding 
                subsections (b), (c) and (d), during fiscal years 2000 
                through 2006, the balance of any amounts collected 
                pursuant to subsections (b), (c), and (d) which are not 
                deposited as general revenue pursuant to subparagraph 
                (A) shall be deposited and credited as offsetting 
                collections to the account providing appropriations to 
                the Commission, to the extent provided for in advance 
                in appropriations Acts. 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 (as offsetting collections) under this 
                subparagraph at the rate in effect during the preceding 
                fiscal year, until such a regular appropriation is 
                enacted.
            ``(3) Insufficient fees.--In any year in which the total 
        amount of fees collected under section 31 of the Securities Act 
        of 1934 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 
        limitations described in paragraph (1) shall be increased, with 
        all such amounts deposited and credited as offsetting 
        collections to the account providing appropriations to the 
        Commission.''.
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