Judd Gregg: “I rise today to discuss efforts that were made to insert assumptions into the Budget Resolution that would hurt the…”

“I rise today to discuss efforts that were made to insert assumptions into the Budget Resolution that would hurt the Commerce, Justice, State, and Judiciary (CJS) Subcommittee. Those assumptions sought to amend the securities legislation that we negotiated with the Senate Banking Committee and House Commerce Committee in 1996. Specifically, they assume reductions in NASDAQ transaction fees. The result being that the Appropriations Committee pick up the cost of $73 million. Prior to 1996, the 6(b) fees were paid by corporations to register securities. Some interests felt that the 6(b) fees had grown too large. During negotiations with the White House and the authorizing committees it was agreed that over the next ten years 6(b) fees would be reduced. The creation of the NASDAQ transaction fees was a concession made to the CJS subcommittee as part of a larger compromise that led to a phasing out of the Section 6(b) registration fees. The intent was to minimize the impact on the Appropriations process.”