Commentary

Elaine Wah

Modern Markets, Modern Metrics - A Blog By IEX

In this blog by IEX's Elaine Wah, the newest public exchange looks to refute public claims that the metrics it uses are designed to inflate its own volume numbers and mislead people.

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February 1, 1999

Former Congressman Solomon Receives STA's Highest Award

By Staff Reporters

Former U.S. Rep. Gerard Solomon (R-N.Y.) is the latest recipient of the Security Traders Association's highest award the STA Distinguished Service Award.

The award was presented to him last month in Chicago at the annual mid-winter meeting of the Chicago affiliate of the STA, which was attended by more than 1,000 securities professionals and their guests.

The STA singled out Solomon for his relentless drive last year to secure cuts in Section 31 fees on equity transactions.

"These are fees paid by all American investors. The fees are both onerous and unfair," then-STA President John Tognino told conference attendees at the Chicago Hilton and Towers, on a snow-covered night in the Windy City. "Although we did not accomplish all that we had set out to achieve," he said, "there were many successes upon which we will now build."

"We at the STA are grateful for Congressman Solomon's efforts and his leadership in bringing this issue to the forefront of the congressional agenda in 1998," Tognino added.

Tognino continued that the award acknowledges 20 years of outstanding service by Solomon as a U.S. congressman. "A former member of the securities industry, this legislative leader was untiring in his service to our nation. On behalf of STA members, its officers and board, we thank Congressman Solomon for his commitment, his leadership and his friendship."

STA Fighter

Accepting the award, Solomon, a cancer survivor who has promoted legislation for more cancer research, said he was pleased to press the STA's cause in Congress.

"Anyone who studies this issue [Section 31], even briefly," Solomon said, "will quickly realize that it is simply unfair for the federal government, through the Securities and Exchange Commission, to be collecting more than four times what it costs to run the commission.

"These fees have become a blatant and excessive tax on capital," Solomon added. "The current SEC system represents poor securities policy, poor tax policy and poor fiscal policy."

During his congressional career, Solomon served on President Reagan's group of congressional advisors, and as floor general for foreign policy, national defense and budgetary initiatives.

President Reagan appointed Solomon to serve dual posts as ambassador delegate to the United Nations and congressional advisor to the U.S. Session on Disarmament. He authored the bill that created a cabinet level Department of Veteran's Affairs, and he worked with NATO for many years.

Solomon has embarked on a career as a high-powered lobbyist since his retirement from Congress.