[20021204]RS20204_证券费用和SEC支付平价.pdf

1 Of the Securities Act of 1933.2 Of the Securities Exchange Act of 1934.Congressional Research Service The Library of CongressCRS Report for CongressReceived through the CRS WebOrder Code RS20204Updated December 4, 2002Securities Fees and SEC Pay ParityMark JicklingSpecialist in Public FinanceGovernment and Finance DivisionSummarySellers of corporate stock, companies that issue new stocks and bonds, and biddersin corporate takeovers all pay fees to the Securities and Exchange Commission (SEC).These fees were enacted to fund the SEC, but the amount of fees collected in recentyears has far exceeded the SECs budget. (In FY2000, the SEC collected $2.27 billionin fees, while the agencys budget was $377 million.) Legislation enacted by the 107thCongress (P.L. 107-123, H.R. 1088) reduced securities fees by lowering the percentagerates of some fees and by setting annual caps on the amounts collected by others. Thelaw also included “pay parity” provisions that allow the SEC to raise salaries for certainemployees to levels comparable to the salaries of federal bank examiners, but the 107thCongress adjourned before funds for this purpose were appropriated. This reportprovides background and