Chuck Schumer: “I thank my good friend, the Majority Leader, Mr. Daschle, and the Chairman of the Banking Committee, Mr. Sarbanes, for…”

“I thank my good friend, the Majority Leader, Mr. Daschle, and the Chairman of the Banking Committee, Mr. Sarbanes, for their commitment to this important piece of legislation, H.R. 1088, of which I am the chief Democratic sponsor. This bill is of tremendous importance to New York. As the Senator from South Dakota, Mr. Daschle, has indicated, this legislation would reduce transaction fees paid by investors to fund the ongoing activities of the SEC. Such fee reductions will be of substantial benefit to investors, businesses and individual investors, alike. The bill also gives pay parity for employees at the SEC so that the SEC may attract and retain highly qualified regulators to ensure the integrity of our markets. As my colleague knows, H.R. 1088, as passed by the House, incorporated the Senate position reflected in S. 143, which was approved by this Senate under unanimous consent in March. There will be no conference on the bill and we have assurances the President will sign it. All that is left is for the Senate to act, and I urge that we do so as expeditiously as possible upon our return from the August recess.”