Hon. Michael G. Oxley: “I am pleased today to bring to the floor H.R. 1088, the Investor and Capital Markets Fee Relief Act. This legislation…”

“I am pleased today to bring to the floor H.R. 1088, the Investor and Capital Markets Fee Relief Act. This legislation returns excessive Securities and Exchange Commission fees, $14 billion over the next 10 years, to America's investors and those seeking access to our markets. H.R. 1088 reduces or eliminates all of the securities fees in a responsible way by holding the appropriators harmless and ensuring that the SEC has a long-term stable funding source for its important mission of protecting investors and promoting capital formation. Contrary to the explicit intent of the Congress, the government now collects fee revenues that far exceed the operating costs of the SEC. In fiscal year 2000, actual SEC fee collections reached a staggering $2.27 billion, over six times the SEC's $377 million budget; and it is estimated that fee collections this fiscal year will be substantially higher. Each day this year investors across the country are paying more than $3 million in excess transaction fees alone.”