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Politics : PRESIDENT GEORGE W. BUSH
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To: DMaA who wrote (276937)7/17/2002 3:06:47 PM
From: Gordon A. Langston  Read Replies (1) of 769667
 
I found this in a search. Sounds like they had plenty of funds.

Bill to Reduce SEC Fees Advances

An NVCA-supported measure (S. 143) to reduced Securities and Exchange Commission fees and to bring the pay of the agency’s employees in line
with the higher pay schedules of other federal financial regulators, was approved in early March by the Senate Banking Committee.

The bill, the "Competitive Markets Supervision Act," would reduce SEC user fees, which currently generate $2.3 billion for the agency. This figure is
roughly six times the amount needed to run the SEC. Revenue in excess of the agency’s budget becomes part of the Treasury’s general revenue and is
used to fund other federal programs.

The pay parity section of the legislation seeks to address the high attrition rate of professional staff at the SEC. In fiscal year 2000, the agency lost 17.4
percent of its attorneys, while the average for the rest of the federal government was 6.7 percent. As the Acting SEC Chairman Laura Unger explained to
the committee, "Currently, attorneys, accountants and examiners at the banking agencies earn anywhere from 24 to 39 percent more than their
counterparts at the SEC."

NVCA is supportive of this legislation as it will simultaneously lower what amounts to a tax on investment and ensure a high quality professional staff at
the agency.

For more information, contact Paul Brownell, VP for Public Policy (pbrownell@nvca.org).

And more

ici.org
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