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Savings and Investment Relief Act of 1998

Introduced: July 14, 1998 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 1, 1998
Sponsor introductory remarks on measure. (CR E1874)
Jul 23, 1998
Referred to the Subcommittee on Finance and Hazardous Materials.
Jul 14, 1998
Referred to the House Committee on Commerce.
Jul 14, 1998
Introduced in House
 Plain-English summary Congressional Research Service

Savings and Investment Relief Act of 1998 - Amends the Securities Exchange Act of 1934 with respect to transaction fees for both exchange-traded and exchange-regulated securities and off-exchange trades of last-sale-reported securities. Directs the Securities and Exchange Commission (SEC) to prescribe annually a fiscal year fee limitation based upon the pro rata share of the aggregate dollar amount of securities sales, so that total fee payments will not exceed specified limits.

Requires each national securities exchange and national securities association to adopt implementing rules which provide fee reductions for all market participants.

Directs the SEC to report annually to the Congress on the total amount of transaction fees collected by each national securities exchange and national securities association.

Authorizes future appropriations Acts to increase such fee limitations in any year in which the total fees collected are insufficient for SEC budget authority provided under such Acts.

What's happening now October 1, 1998

Sponsor introductory remarks on measure. (CR E1874)

 Committees of jurisdiction 2
 Cosponsors 4
All 4 Democratic 3 Republican 1