[Congressional Bills 106th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2441 Introduced in House (IH)]







106th CONGRESS
  1st Session
                                H. R. 2441

    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

_______________________________________________________________________

                                 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,

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 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.''.

SEC. 3. REVISION OF SECURITIES TRANSACTION FEE PROVISIONS.

    (a) Amendments.--Section 31 of the Securities Exchange Act of 1934 
(15 U.S.C. 78ee) is amended--
            (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'';
            (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
            (3) in subsection (d), by striking paragraphs (2) and (3) 
        and inserting the following:
            ``(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.''.

SEC. 4. EFFECTIVE DATE.

    The amendments made by this Act--
            (1) shall take effect on October 1, 1999; and
            (2) shall cease to be effective on October 1, 2007.
                                 <all>