Bill to Cut SEC Fees, Give Raises Is Stalled
A proposal to cut SEC fees and give raises to the agency’s professional staff was pulled back at the last minute from an expected House of Representatives vote Thursday.
The action came after Senate Banking Committee Chairman Phil Gramm (R-Texas) said he wouldn’t back a compromise among House leaders that would have authorized the SEC to give raises to only a few specific categories of professionals.
The fight over pay sidetracked proposed fee cuts in the same bill. The cuts would reduce fees the SEC collects on stock transactions, securities registrations, mergers and tender offers that now generate six times as much as Congress gives the agency to fund the commission. The rest of the money is deposited in the U.S. Treasury for general government use.
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