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August 13, 1990
TO: BOARD OF GOVERNORS NO. 58-90
MEMBERS - ONE PER COMPLEX NO. 32-90
FEDERAL LEGISLATION COMMITTEE NO. 5-90
TAX COMMITTEE NO. 21-90
RE: INSTITUTE LETTER ON SECURITIES TRANSACTION EXCISE TAX (STET)
__________________________________________________________
As we previously informed you, Administration and
Congressional leaders have been meeting to develop a budget
agreement and are considering imposing a securities transaction
excise tax (STET). (See Institute Memorandum to Members - One
Per Complex No. 29-90, dated August 1, 1990.) On August 4,
Congress adjourned until the first week in September. However,
we expect active consideration of the STET to continue during
August and when the Budget Summit participants resume their
negotiations in the fall.
Attached is a copy of the letter regarding the STET which
the Institute has sent to Budget Summit participants and Senate
Finance and House Ways and Means Committee members.
We will continue to express industry concerns regarding a
STET to the Administration and Congress and will keep you
informed of developments.
Matthew P. Fink
Senior Vice President
and General Counsel
Attachment
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