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Traders Magazine, March 1999

John A. Byrne

STA Testifies

Security Traders Association Chairman Art Kearney and STA President and Chief Executive Lee Korins testified before the Senate Banking Subcommittee on Securities on March 24, voicing the trade group's opposition to Section 31 transaction fees. The fees, roughly the equivalent of 1/300th of one percent on the cash value of each stock transaction, fund the Securities and Exchange Commission's annual budget. Last year, the SEC collected more than five times its estimated budget in Section 31 transaction fees.

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