I
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 Com-
mission.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ‘‘Savings and Invest-
ment 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 Com-
mission shall have the authority to implement
by rule, regulation, or order a process for termi-
nation of fee collections consistent with the lim-
itation 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.—Notwith-
standing 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.—Not-
withstanding subsections (b), (c) and (d), dur-
ing fiscal years 2000 through 2006, the balance
of any amounts collected pursuant to sub-
sections (b), (c), and (d) which are not depos-
ited as general revenue pursuant to subpara-
graph (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 ap-
propriation to the Commission has not been en-
acted, the Commission shall continue to collect
fees (as offsetting collections) under this sub-
paragraph at the rate in effect during the pre-
ceding fiscal year, until such a regular appro-
priation is enacted.
‘‘(3) INSUFFICIENT
FEES.—In any year in
which the total amount of fees collected under sec-
tion 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 para-
graph (1) shall be increased, with all such amounts
deposited and credited as offsetting collections to the
account providing appropriations to the Commis-
sion.’’.
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