Hon. Michael G. Oxley: “today I am pleased to rise in support of H.R. 2972, the SEC Reauthorization Act of 1996. This legislation provides a…”

“today I am pleased to rise in support of H.R. 2972, the SEC Reauthorization Act of 1996. This legislation provides a long-term mechanism for funding the SEC. In addition, it reduces the fees charged by the SEC by over $751 million dollars through 2002. Members of both parties have expressed concern with the amount of fee revenue collected by the SEC, which currently is more than double the cost of running the agency. Currently the SEC takes in over $600 million in fees annually, and costs approximately $300 million to run. This surplus in fee revenue over the cost of running the agency amounts to a tax on capital paid by all investors--including small investors investing in individual retirement accounts for their retirement. Members of both parties are rightly concerned with promoting savings and growth, and this tax on capital represents an impediment to that growth. With the cooperation of Chairman Rogers of the Commerce, Justice, State, and Judiciary Subcommittee of the Appropriations Committee, and Chairman Archer of the Ways and Means Committee, we have been able to work out a sensible plan to reduce these fees.”