Sean Patrick Maloney: “Mr. Speaker, American investors have been overcharged. Over the last 10 years, the Securities and Exchange Commission…”

“Mr. Speaker, American investors have been overcharged. Over the last 10 years, the Securities and Exchange Commission has collected $9.2 billion more than it has needed for its operations. This money comes directly from capital markets participants, including individual investors and new issuers. This legislation is proconsumer, proinvestor legislation that cuts these fees down to a level that provides the SEC with the resources it needs to do its job while saving investors over $14 billion over the next 10 years. These fees were intended to merely cover the operating costs of the SEC. They were never intended to multiply so dramatically. I can remember when stock ownership was reserved for a select few. Today, 52 percent of American households own stock or mutual funds. Former SEC Chairman Levitt has stated that 87 percent of the New York Stock Exchange fees and 82 percent of NASDAQ fees are paid by investors. The New York State Public Pension Plan estimated recently that they will pay $13.5 million in fees over 5 years. These fees are also paid by the holders of retirement accounts, including 401(k) accounts. This is the investors' money. We should let them keep it.”