I

107TH CONGRESS

1ST SESSION H. R. 1088

To amend the Securities Exchange Act of 1934 to reduce fees collected

by the Securities and Exchange Commission, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

MARCH 19, 2001

Mr. FOSSELLA (for himself, Mr. OXLEY, Mr. BAKER, Mrs. KELLY, Mrs.

MALONEY of New York, Mr. MENENDEZ, Mr. REYNOLDS, Mr. ROYCE,

Mr. KING, Mr. OSE, Mrs. ROUKEMA, Mr. FOLEY, Mr. TOOMEY, Mr.

GILLMOR, Mr. GARY MILLER of California, Mr. ROGERS of Michigan, Mr.

SHADEGG, Mr. GRUCCI, Mr. WELDON of Florida, Mr. SHAYS, Mr. MANZULLO, Mr. ACKERMAN, Mr. CROWLEY, Mr. FORD, Mr. MOORE, Mr.

BLAGOJEVICH, Mr. ISRAEL, Mr. BENTSEN, Mr. BACHUS, Ms. HART, Mr.

JONES of North Carolina, Mr. NEY, Mr. SWEENEY, Mr. ROSS, Ms.

VELA ́ZQUEZ, and Mr. ENGEL) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend the Securities Exchange Act of 1934 to reduce

fees collected by the Securities and Exchange Commission, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE.

4 This Act may be cited as the ‘‘Investor and Capital

5 Markets Fee Relief Act’’.
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1 SEC. 2. IMMEDIATE TRANSACTION FEE REDUCTIONS.

2 Section 31 of the Securities Exchange Act of 1934

3 (15 U.S.C. 78ee) is amended—

(1) by striking ‘‘1 4 ⁄300 of one percent’’ each place

5 it appears in subsections (b) and (d) and inserting

6 ‘‘$12 per $1,000,000’’;

7 (2) in the first sentence of subsection (b), by

8 striking ‘‘, except that’’ and all that follows through

9 the end of such sentence;

10 (3) in paragraph (1) of subsection (d), by strik11 ing ‘‘, except that’’ and all that follows through the

12 end of such paragraph;

13 (4) in subsection (e), by striking ‘‘$0.02’’ and

14 inserting ‘‘$0.0072’’; and

15 (5) by adding at the end the following new sub16 section:

17 ‘‘(i) PRO RATA APPLICATION.—The rates per

18 $1,000,000 required by this section shall be applied pro

19 rata to amounts and balances equal to less than

20 $1,000,000.’’.

21 SEC. 3. REVISION OF SECURITIES TRANSACTION FEE PRO22 VISIONS; ADDITIONAL FEE REDUCTIONS.

23 (a) POOLING AND ALLOCATION OF COLLECTIONS.—

24 Section 31 of the Securities Exchange Act of 1934 (15

25 U.S.C. 78ee) is further amended—

26 (1) in subsection (b)—
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1 (A) by striking ‘‘Every’’ and inserting

2 ‘‘Subject to subsection (j), each’’; and

3 (B) by striking the last sentence;

4 (2) by striking subsection (c);

5 (3) in subsection (d)—

6 (A) by striking paragraphs (2) and (3);

7 (B) by striking the following:

8 ‘‘(d) OFF-EXCHANGE TRADES OF LAST-SALE-RE9 PORTED SECURITIES.—

10 ‘‘(1) COVERED TRANSACTIONS.—Each national

11 securities’’

12 and inserting the following:

13 ‘‘(c) OFF-EXCHANGE TRADES OF EXCHANGE REG14 ISTERED AND LAST-SALE-REPORTED SECURITIES.—Sub15 ject to subsection (j), each national securities’’;

16 (C) by inserting ‘‘registered on a national

17 securities exchange or’’ after ‘‘security futures

18 products)’’; and

19 (D) by striking ‘‘, excluding any sales for

20 which a fee is paid under subsection (c)’’;

21 (4) in subsection (e)—

22 (A) by striking ‘‘except that for fiscal year

23 2007’’ and all that follows through the end of

24 such subsection and inserting the following:

25 ‘‘except that for fiscal year 2007 and each suc-
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1 ceeding fiscal year such assessment shall be

2 equal to $0.0042 for each such transaction.’’;

3 (5) in subsection (f), by striking ‘‘DATES FOR

4 PAYMENT OF FEES.—The fees required’’ and insert5 ing ‘‘DATES FOR PAYMENTS.—The fees and assess6 ments required’’;

7 (6) by redesignating subsections (e) through (i)

8 (as added by section 2(5)) as subsections (d)

9 through (h), respectively;

10 (7) by adding at the end the following new sub11 section:

12 ‘‘(i) DEPOSIT OF FEES.—

13 ‘‘(1) OFFSETTING COLLECTIONS.—Fees col14 lected pursuant to subsections (b), (c), and (d) for

15 any fiscal year—

16 ‘‘(A) shall be deposited and credited as off17 setting collections to the account providing ap18 propriations to the Commission; and

19 ‘‘(B) except as provided in subsection (k),

20 shall not be collected for any fiscal year except

21 to the extent provided in advance in appropria22 tion Acts.

23 ‘‘(2) GENERAL REVENUES PROHIBITED.—No

24 fees collected pursuant to subsections (b), (c), and

25 (d) for fiscal year 2002 or any succeeding fiscal year
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1 shall be deposited and credited as general revenue of

2 the Treasury.’’.

3 (b) ADDITIONAL REDUCTIONS OF FEES.—

4 (1) AMENDMENT.—Section 31 of the Securities

5 Exchange Act of 1934 (15 U.S.C. 78ee) is further

6 amended by adding after subsection (i) (as added by

7 subsection (a)(7)) the following new subsections:

8 ‘‘(j) RECAPTURE OF PROJECTION WINDFALLS FOR

9 FURTHER RATE REDUCTIONS.—

10 ‘‘(1) ANNUAL ADJUSTMENT.—For each of the

11 fiscal years 2003 through 2011, the Commission

12 shall by order adjust each of the rates applicable

13 under subsections (b) and (c) for such fiscal year to

14 a uniform adjusted rate that, when applied to the

15 baseline estimate of the aggregate dollar amount of

16 sales for such fiscal year, is reasonably likely to

17 produce aggregate fee collections under this section

18 (including assessments collected under subsection

19 (d)) that are equal to the target offsetting collection

20 amount for such fiscal year.

21 ‘‘(2) FINAL RATE ADJUSTMENT.—For fiscal

22 year 2012 and all of the succeeding fiscal years, the

23 Commission shall by order adjust each of the rates

24 applicable under subsections (b) and (c) for all of

25 such fiscal years to a uniform adjusted rate that,
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1 when applied to the baseline estimate of the aggre2 gate dollar amount of sales for fiscal year 2012, is

3 reasonably likely to produce aggregate fee collections

4 under this section in fiscal year 2012 (including as5 sessments collected under subsection (d)) equal to

6 the target offsetting collection amount for fiscal year

7 2011.

8 ‘‘(3) REVIEW AND EFFECTIVE DATE.—An ad9 justed rate prescribed under paragraph (1) or (2)

10 and published under subsection (g) shall not be sub11 ject to judicial review. Subject to subsections

12 (i)(1)(B) and (k)—

13 ‘‘(A) an adjusted rate prescribed under

14 paragraph (1) shall take effect on the later of—

15 ‘‘(i) the first day of the fiscal year to

16 which such rate applies; or

17 ‘‘(ii) 30 days after the date on which

18 a regular appropriation to the Commission

19 for such fiscal year is enacted; and

20 ‘‘(B) an adjusted rate prescribed under

21 paragraph (2) shall take effect on the later of—

22 ‘‘(i) the first day of fiscal year 2012;

23 or
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1 ‘‘(ii) 30 days after the date on which

2 a regular appropriation to the Commission

3 for fiscal year 2012 is enacted.

4 ‘‘(k) LAPSE OF APPROPRIATION.—If on the first day

5 of a fiscal year a regular appropriation to the Commission

6 has not been enacted, the Commission shall continue to

7 collect (as offsetting collections) the fees and assessments

8 under subsections (b), (c), and (d) at the rate in effect

9 during the preceding fiscal year, until 30 days after the

10 date such a regular appropriation is enacted.

11 ‘‘(l) DEFINITIONS.—For purposes of this section:

12 ‘‘(1) TARGET OFFSETTING COLLECTION

13 AMOUNT.—The target offsetting collection amount

14 for each of the fiscal years 2002 through 2011 is de15 termined according to the following table:

Fiscal year Target offsetting collection amount

2002 ................................ $585,720,000

2003 ................................ $679,320,000

2004 ................................ $822,240,000

2005 ................................ $976,320,000

2006 ................................ $1,148,040,000

2007 ................................ $880,880,000

2008 ................................ $892,080,000

2009 ................................ $1,023,120,000

2010 ................................ $1,161,440,000

2011 ................................ $1,321,040,000

16 ‘‘(2) BASELINE ESTIMATE OF THE AGGREGATE

17 DOLLAR AMOUNT OF SALES.—The baseline estimate

18 of the aggregate dollar amount of sales for any fiscal

19 year is the baseline estimate of the aggregate dollar

20 amount of sales of securities (other than bonds, de-
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1 bentures, other evidences of indebtedness, and secu2 rity futures products) to be transacted on each na3 tional securities exchange and by or through any

4 member of each national securities association (oth5 erwise than on a national securities exchange) dur6 ing such fiscal year as determined by the Commis7 sion, after consultation with the Congressional

8 Budget Office and the Office of Management and

9 Budget, using the methodology required for making

10 projections pursuant to section 257 of the Balanced

11 Budget and Emergency Deficit Control Act of

12 1985.’’.

13 (2) CONFORMING AMENDMENT.—Section 31(g)

14 of such Act (as redesignated by subsection (a)(6) of

15 this section) is amended by inserting before the pe16 riod at the end the following: ‘‘not later than April

17 30 of the fiscal year preceding the fiscal year to

18 which such rate applies, together with any estimates

19 or projections on which such fees are based.’’.

20 SEC. 4. REDUCTION OF REGISTRATION FEES.

21 Section 6(b) of the Securities Act of 1933 (15 U.S.C.

22 77f(b)) is amended by striking paragraphs (2) through (5)

23 and inserting the following:

24 ‘‘(2) FEE PAYMENT REQUIRED.—At the time of

25 filing a registration statement, the applicant shall
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1 pay to the Commission a fee at a rate that shall be

2 equal to $125 per $1,000,000 of the maximum ag3 gregate price at which such securities are proposed

4 to be offered, except that during fiscal year 2003

5 and any succeeding fiscal year such fee shall be ad6 justed pursuant to paragraph (5) or (6).

7 ‘‘(3) OFFSETTING COLLECTIONS.—Fees col8 lected pursuant to this subsection for any fiscal

9 year—

10 ‘‘(A) shall be deposited and credited as off11 setting collections to the account providing ap12 propriations to the Commission; and

13 ‘‘(B) except as provided in paragraph (9),

14 shall not be collected for any fiscal year except

15 to the extent provided in advance in appropria16 tion Acts.

17 ‘‘(4) GENERAL REVENUES PROHIBITED.—No

18 fees collected pursuant to this subsection for fiscal

19 year 2002 or any succeeding fiscal year shall be de20 posited and credited as general revenue of the

21 Treasury.

22 ‘‘(5) ANNUAL ADJUSTMENT.—For each of the

23 fiscal years 2003 through 2011, the Commission

24 shall by order adjust the rate required by paragraph

25 (2) for such fiscal year to a rate that, when applied
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1 to the baseline estimate of the aggregate maximum

2 offering prices for such fiscal year, is reasonably

3 likely to produce aggregate fee collections under this

4 subsection that are equal to the target offsetting col5 lection amount for such fiscal year.

6 ‘‘(6) FINAL RATE ADJUSTMENT.—For fiscal

7 year 2012 and all of the succeeding fiscal years, the

8 Commission shall by order adjust the rate required

9 by paragraph (2) for all of such fiscal years to a

10 rate that, when applied to the baseline estimate of

11 the aggregate maximum offering prices for fiscal

12 year 2012, is reasonably likely to produce aggregate

13 fee collections under this subsection in fiscal year

14 2012 equal to the target offsetting collection amount

15 for fiscal year 2011.

16 ‘‘(7) PRO RATA APPLICATION.—The rates per

17 $1,000,000 required by this subsection shall be ap18 plied pro rata to amounts and balances equal to less

19 than $1,000,000.

20 ‘‘(8) REVIEW AND EFFECTIVE DATE.—An ad21 justed rate prescribed under paragraph (5) or (6)

22 and published under paragraph (10) shall not be

23 subject to judicial review. Subject to paragraphs

24 (3)(B) and (9)—
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1 ‘‘(A) an adjusted rate prescribed under

2 paragraph (5) shall take effect on the later of—

3 ‘‘(i) the first day of the fiscal year to

4 which such rate applies; or

5 ‘‘(ii) 30 days after the date on which

6 a regular appropriation to the Commission

7 for such fiscal year is enacted; and

8 ‘‘(B) an adjusted rate prescribed under

9 paragraph (6) shall take effect on the later of—

10 ‘‘(i) the first day of fiscal year 2012;

11 or

12 ‘‘(ii) 30 days after the date on which

13 a regular appropriation to the Commission

14 for fiscal year 2012 is enacted.

15 ‘‘(9) LAPSE OF APPROPRIATION.—If on the

16 first day of a fiscal year a regular appropriation to

17 the Commission has not been enacted, the Commis18 sion shall continue to collect fees (as offsetting col19 lections) under this subsection at the rate in effect

20 during the preceding fiscal year, until 30 days after

21 the date such a regular appropriation is enacted.

22 ‘‘(10) PUBLICATION.—The Commission shall

23 publish in the Federal Register notices of the rate

24 applicable under this subsection and under sections

25 13(e) and 14(g) for each fiscal year not later than
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1 April 30 of the fiscal year preceding the fiscal year

2 to which such rate applies, together with any esti3 mates or projections on which such rate is based.

4 ‘‘(11) DEFINITIONS.—For purposes of this sub5 section:

6 ‘‘(A) TARGET OFFSETTING COLLECTION

7 AMOUNT.—The target offsetting collection

8 amount for each of the fiscal years 2002

9 through 2011 is determined according to the

10 following table:

Fiscal year Target offsetting collection amount

2002 ................................ $512,500,000

2003 ................................ $589,380,000

2004 ................................ $650,385,000

2005 ................................ $790,075,000

2006 ................................ $949,050,000

2007 ................................ $214,200,000

2008 ................................ $233,700,000

2009 ................................ $284,115,000

2010 ................................ $333,840,000

2011 ................................ $394,110,000

11 ‘‘(B) BASELINE ESTIMATE OF THE AGGRE12 GATE MAXIMUM OFFERING PRICES.—The base13 line estimate of the aggregate maximum offer14 ing prices for any fiscal year is the baseline es15 timate of the aggregate maximum offering price

16 at which securities are proposed to be offered

17 pursuant to registration statements filed with

18 the Commission during such fiscal year as de19 termined by the Commission, after consultation

20 with the Congressional Budget Office and the
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1 Office of Management and Budget, using the

2 methodology required for projections pursuant

3 to section 257 of the Balanced Budget and

4 Emergency Deficit Control Act of 1985.’’.

5 SEC. 5. FEES FOR STOCK REPURCHASE STATEMENTS.

6 Section 13(e) of the Securities Exchange Act of 1934

7 (15 U.S.C. 78m(e)) is amended

(1) in paragraph (3), by striking ‘‘a fee of 1 8 ⁄50

9 of 1 per centum of the value of securities proposed

10 to be purchased’’ and inserting ‘‘a fee at a rate that,

11 subject to paragraphs (5) and (6), is equal to $125

12 per $1,000,000 of the value of securities proposed to

13 be purchased’’;

14 (2) by inserting after paragraph (3) the fol15 lowing new paragraphs:

16 ‘‘(4) OFFSETTING COLLECTIONS.—Fees col17 lected pursuant to this subsection for any fiscal year

18 shall be deposited and credited as offsetting collec19 tions to the account providing appropriations to the

20 Commission, and, except as provided in paragraph

21 (9), shall not be collected for any fiscal year except

22 to the extent provided in advance in appropriation

23 Acts. No fees collected pursuant to this subsection

24 for fiscal year 2002 or any succeeding fiscal year
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1 shall be deposited and credited as general revenue

2 of the Treasury.

3 ‘‘(5) ANNUAL ADJUSTMENT.—For each of the

4 fiscal years 2003 through 2011, the Commission

5 shall by order adjust the rate required by paragraph

6 (3) for such fiscal year to a rate that is equal to the

7 rate (expressed in dollars per million) that is appli8 cable under section 6(b) of the Securities Act of

9 1933 for such fiscal year.

10 ‘‘(6) FINAL RATE ADJUSTMENT.—For fiscal

11 year 2012 and all of the succeeding fiscal years, the

12 Commission shall by order adjust the rate required

13 by paragraph (3) for all of such fiscal years to a

14 rate that is equal to the rate (expressed in dollars

15 per million) that is applicable under section 6(b) of

16 the Securities Act of 1933 for all of such fiscal

17 years.

18 ‘‘(7) PRO RATA APPLICATION.—The rates per

19 $1,000,000 required by this subsection shall be ap20 plied pro rata to amounts and balances equal to less

21 than $1,000,000.

22 ‘‘(8) REVIEW AND EFFECTIVE DATE.—An ad23 justed rate prescribed under paragraph (5) or (6)

24 and published under paragraph (10) shall not be
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1 subject to judicial review. Subject to paragraphs (4)

2 and (9)—

3 ‘‘(A) an adjusted rate prescribed under

4 paragraph (5) shall take effect on the later of—

5 ‘‘(i) the first day of the fiscal year to

6 which such rate applies; or

7 ‘‘(ii) 30 days after the date on which

8 a regular appropriation to the Commission

9 for such fiscal year is enacted; and

10 ‘‘(B) an adjusted rate prescribed under

11 paragraph (6) shall take effect on the later of—

12 ‘‘(i) the first day of fiscal year 2012;

13 or

14 ‘‘(ii) 30 days after the date on which

15 a regular appropriation to the Commission

16 for fiscal year 2012 is enacted.

17 ‘‘(9) LAPSE OF APPROPRIATION.—If on the

18 first day of a fiscal year a regular appropriation to

19 the Commission has not been enacted, the Commis20 sion shall continue to collect fees (as offsetting col21 lections) under this subsection at the rate in effect

22 during the preceding fiscal year, until 30 days after

23 the date such a regular appropriation is enacted.

24 ‘‘(10) PUBLICATION.—The rate applicable

25 under this subsection for each fiscal year is pub-
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1 lished pursuant to section 6(b)(10) of the Securities

2 Act of 1933.’’.

3 SEC. 6. FEES FOR PROXY SOLICITATIONS AND STATE4 MENTS IN CORPORATE CONTROL TRANS5 ACTIONS.

6 Section 14(g) of the Securities Exchange Act of 1934

7 (15 U.S.C. 78m(e)(3)) is amended—

8 (1) in paragraphs (1) and (3), by striking ‘‘a

fee of 1 9 ⁄50 of 1 per centum of’’ each place it appears

10 and inserting ‘‘a fee at a rate that, subject to para11 graphs (5) and (6), is equal to $125 per $1,000,000

12 of’’;

13 (2) by redesignating paragraph (4) as para14 graph (11); and

15 (3) by inserting after paragraph (3) the fol16 lowing new paragraphs:

17 ‘‘(4) OFFSETTING COLLECTIONS.—Fees col18 lected pursuant to this subsection for any fiscal year

19 shall be deposited and credited as offsetting collec20 tions to the account providing appropriations to the

21 Commission, and, except as provided in paragraph

22 (9), shall not be collected for any fiscal year except

23 to the extent provided in advance in appropriation

24 Acts. No fees collected pursuant to this subsection

25 for fiscal year 2002 or any succeeding fiscal year
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1 shall be deposited and credited as general revenue

2 of the Treasury.

3 ‘‘(5) ANNUAL ADJUSTMENT.—For each of the

4 fiscal years 2003 through 2011, the Commission

5 shall by order adjust each of the rates required by

6 paragraphs (1) and (3) for such fiscal year to a rate

7 that is equal to the rate (expressed in dollars per

8 million) that is applicable under section 6(b) of the

9 Securities Act of 1933 for such fiscal year.

10 ‘‘(6) FINAL RATE ADJUSTMENT.—For fiscal

11 year 2012 and all of the succeeding fiscal years, the

12 Commission shall by order adjust each of the rates

13 required by paragraphs (1) and (3) for all of such

14 fiscal years to a rate that is equal to the rate (ex15 pressed in dollars per million) that is applicable

16 under section 6(b) of the Securities Act of 1933 for

17 all of such fiscal years.

18 ‘‘(7) PRO RATA APPLICATION.—The rates per

19 $1,000,000 required by this subsection shall be ap20 plied pro rata to amounts and balances equal to less

21 than $1,000,000.

22 ‘‘(8) REVIEW AND EFFECTIVE DATE.—An ad23 justed rate prescribed under paragraph (5) or (6)

24 and published under paragraph (10) shall not be
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1 subject to judicial review. Subject to paragraphs (4)

2 and (9)—

3 ‘‘(A) an adjusted rate prescribed under

4 paragraph (5) shall take effect on the later of—

5 ‘‘(i) the first day of the fiscal year to

6 which such rate applies; or

7 ‘‘(ii) 30 days after the date on which

8 a regular appropriation to the Commission

9 for such fiscal year is enacted; and

10 ‘‘(B) an adjusted rate prescribed under

11 paragraph (6) shall take effect on the later of—

12 ‘‘(i) the first day of fiscal year 2012;

13 or

14 ‘‘(ii) 30 days after the date on which

15 a regular appropriation to the Commission

16 for fiscal year 2012 is enacted.

17 ‘‘(9) LAPSE OF APPROPRIATION.—If on the

18 first day of a fiscal year a regular appropriation to

19 the Commission has not been enacted, the Commis20 sion shall continue to collect fees (as offsetting col21 lections) under this subsection at the rate in effect

22 during the preceding fiscal year, until 30 days after

23 the date such a regular appropriation is enacted.

24 ‘‘(10) PUBLICATION.—The rate applicable

25 under this subsection for each fiscal year is pub-
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1 lished pursuant to section 6(b)(10) of the Securities

2 Act of 1933.’’.

3 SEC. 7. TRUST INDENTURE ACT FEE.

4 Section 307(b) of the Trust Indenture Act of 1939

5 (15 U.S.C. 77ggg(b)) is amended by striking ‘‘Commis6 sion, but, in the case’’ and all that follows and inserting

7 ‘‘Commission.’’.

8 SEC. 8. PAY PARITY PROVISIONS.

9 (a) SECURITIES AND EXCHANGE COMMISSION EM10 PLOYEES.—Section 4(b) of the Securities Exchange Act

11 of 1934 (15 U.S.C. 78d(b)) is amended—

12 (1) by striking paragraphs (1) and (2) and by

13 inserting the following:

14 ‘‘(1) APPOINTMENT, COMPENSATION, AND BEN15 EFITS.—

16 ‘‘(A) IN GENERAL.—The Commission may

17 appoint and fix the compensation of such offi18 cers, attorneys, economists, examiners, and

19 other employees as may be necessary for car20 rying out its functions under this Act.

21 ‘‘(B) RATES OF PAY.—Rates of basic pay

22 for all employees of the Commission may be set

23 and adjusted by the Commission without regard

24 to the provisions of chapter 51 or subchapter

25 III of chapter 53 of title 5, United States Code.
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1 ‘‘(C) ADDITIONAL COMPENSATION AND

2 BENEFITS.—The Commission may provide addi3 tional compensation and benefits to employees

4 of the Commission if the same type of com5 pensation or benefits are then being provided by

6 any agency referred to under section 1206 of

7 the Financial Institutions Reform, Recovery,

8 and Enforcement Act of 1989 or, if not then

9 being provided, could be provided by such an

10 agency under applicable provisions of law, rule,

11 or regulation.

12 ‘‘(2) INFORMATION; COMPARABILITY.—In es13 tablishing and adjusting schedules of compensation

14 and additional benefits for employees of the Com15 mission, which are to be determined solely by the

16 Commission under this subsection, the Commis17 sion—

18 ‘‘(A) shall consult with and inform the

19 heads of the agencies referred to under section

20 1206 of the Financial Institutions Reform, Re21 covery, and Enforcement Act of 1989;

22 ‘‘(B) shall inform the Congress of such

23 compensation and benefits; and
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1 ‘‘(C) shall seek to maintain comparability

2 with such agencies regarding compensation and

3 benefits.’’.

4 (b) TECHNICAL AMENDMENTS.—

5 (1) Section 3132(a)(1) of title 5, United States

6 Code, is amended—

7 (A) in subparagraph (C), by striking ‘‘or’’

8 after the semicolon;

9 (B) in subparagraph (D), by inserting

10 ‘‘or’’ after the semicolon; and

11 (C) by adding at the end of the following:

12 ‘‘(E) the Securities and Exchange Commis13 sion.’’.

14 (2) Section 5373(a) of title 5, United States

15 Code, is amended—

16 (A) in paragraph (2), by striking ‘‘or’’

17 after the semicolon;

18 (B) in paragraph (3), by striking the pe19 riod and inserting ‘‘; or’’; and

20 (C) by adding at the end the following:

21 ‘‘(4) section 4(b) of the Securities Exchange

22 Act of 1934.’’.
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1 SEC. 9. EFFECTIVE DATES.

2 (a) IN GENERAL.—Except as provided in subsection

3 (b), the amendments made by this Act shall take effect

4 on October 1, 2001.

5 (b) PAY PARITY.—

6 (1) IN GENERAL.—Except as provided in para7 graph (2), the amendments made by section 8 shall

8 take effect on the date of enactment of this Act.

9 (2) EXCEPTION.—The amendments made by

10 section 8(b)(1) shall take effect as of such date as

11 the Securities and Exchange Commission shall (by

12 order published in the Federal Register) prescribe,

13 but in no event later than 1 year after the date of

14 enactment of this Act.

Æ