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Senate Supports Emerges for 31(a) Relief

Traders Magazine, August 1998

Jeffrey L. Winograd

Is widespread relief on so-called 31(a) transaction fees finally imminent? At press time, Sen. Lauch Faircloth (R-N.C.) was preparing to file a companion bill to the House Savings and Investment Act of 1998, a bill H.R. 4120 cosponsored by Rep. Gerald Solomon (R-N.Y.) and Rep. Robert Menendez (D-N.J.) that seeks to cap 31(a) fees.

Faircloth, who chairs the Senate Banking, Housing and Urban Affairs Subcommittee on Financial Institutions and Regulatory Relief, planned to file his bill by Labor Day, Jim Hyland, his legislative director, told Traders Magazine.

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