It's time to reduce securities transaction fees. Expanding stock market volume has caused federal coffers to overflow with revenue generated by Section 31 fees to the Securities and Exchange Commission. The securities industry believes that Congress should reduce these fees and return the money to the investing public.

The industry always has believed that user fees, and not general tax revenues, should pay for the cost of running the SEC. Congress has established three basic types of fee. The first is a securities transaction fee - Section 31 fees. By statute, the SEC collects a fee for every share of stock sold on exchanges, including the New York Stock Exchange, and on Nasdaq National Market System stocks. The fee is 1/300 of 1% of the value of the shares sold.

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