Hon. Michael G. Oxley: “There are some individuals, for example, labor unions who support this bill, and they support it because of the pay…”

“There are some individuals, for example, labor unions who support this bill, and they support it because of the pay parity provisions, and that is it. They really do not care that much about the various fee reductions. They will support any bill that has pay parity within it. So much for that. Who are the other ones who are primarily supporting this bill? Well, let us not kid ourselves. It is the securities industry. It is not individual investors. They have not been coming to us. I do not think I have received one phone call or one letter from an individual investor. But I have been inundated by representatives from the various securities industries. They are the ones who are most interested, and they want this reduction. They think it is going to be good for their industry. Reductions might be in order. The question is how much and what should one do before the reductions. Well, first of all, it seems to me before one does the reductions, one ought to figure out what one needs. We have not done that. There is not a person in this House who could tell me how much the FBI spends on enforcing our securities laws.”