Number: RS20204
Title: Securities Fees and SEC Pay Parity: H.R. 1088 and S. 143
Authors: Mark Jickling, Government and Finance Division 
Abstract: Sellers of corporate stock issuers of new stocks and bonds, and bidders in corporate takeovers all pay fees to the Securities and Exchange Commission (SEC). These fees were enacted to fund the SEC, but the amount of fees collected far exceeds the SEC's budget. In FY2000, the SEC collected $2.27 billion in fees, while the agency's FY2001 budget is $423 million. Legislation before the 107th Congress (S. 143 and H.R. 1088) proposes further reductions in fees, by lowering the percentage rates on some fees and by setting annual caps on others. The bills also contain provisions that would allow the SEC to raise salaries for certain employees to levels comparable to the salaries of federal bank examiners.
Pages: 5
Date: Updated December 4, 2002