September 22, 1994
TO: BOARD OF GOVERNORS NO. 96-94
FEDERAL LEGISLATION COMMITTEE NO. 29-94
FEDERAL LEGISLATION MEMBERS NO. 26-94
RE: WAYS AND MEANS COMMITTEE APPROVES SEC FUNDING
__________________________________________________________
On September 21, 1994, the House Ways and Means Committee
acted to avert a budget crisis at the SEC. The Committee
approved legislation to fund the agency by keeping registration
fees at their current level (1/29 of 1%) through September 30,
1995. The bill is expected to be considered by the full House
next week, with Senate action thereafter. In reinstating the
fees, the bill addresses the funding problem created when
Congress reduced the SEC appropriation last month. (See Federal
Legislation Members Memorandum No. 23-94, dated August 19, 1994.)
The additional revenues provided in the Ways and Means bill will
permit the SEC to operate at the normal level envisioned in the
President's Budget for one year.
We will keep you informed as developments occur. Please
call me or the Legislative Affairs Department (202/326-5890) if
you wish further information.
This memo can be found on FUNDS, the Institute's Fund User
Network and Delivery System, under "Legislative Affairs;
Washington Update."
Matthew P. Fink
President