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Hearings on Transaction-Fee Tax

Traders Magazine, April 1999

William Hoffman

Congress may hold hearings later this spring to discuss capping 31(a) transaction fees that fund the Securities and Exchange Commission.

"This is a tax on investment and a tax on capital," said Craig Donner, spokesman for Rep. Vito Fossella (R-N.Y.), who is sponsoring legislation (H.R. 1256) to cap transaction fees at least through 2006. "It's not helpful to the economy. It doesn't encourage [the public] to invest and save."

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