Joe Crowley: “I rise in strong support, in favor of the Investor and Capital Markets Fees Relief Act. These SEC charges are user fees…”

“I rise in strong support, in favor of the Investor and Capital Markets Fees Relief Act. These SEC charges are user fees and not taxes, and they currently bring in almost six times more than are needed to operate the SEC. It is fair to lower these fees and pass these savings on to the American people. While these fees appear small, they can have a substantial effect on Americans who purchase and sell stocks or those Americans who open mutual funds or 401(k)s or who are saving for a retirement in a public pension plan. In fact, these fees, with their excessive collections, have become an onerous form of taxation on investment, hindering investment and saving opportunities for Americans. Right now, under the current formula, the typical family will pay $1,300 in fees over their lifetime to the SEC. By lowering these fees and applying these same dollars to their investments, like pension funds and 401(k)s, this money could grow to over $11,000 in extra savings.”