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Washington Watch - Piling on More Section 31 Relief

Traders Magazine, February 2000

William Hoffman

A House Commerce subcommittee agreed in mid-February to amended Section 31 fee legislation, capping both the overall sum and the rate at which the fee can be collected.

The amended legislation seeks to meld the provisions of two pending House bills. New York Republican Rep. Rick Lazio's H.R. 2441, the Fairness in Securities Transactions Act, proposed a cap of 1/500th of one percent on the fees collected. Currently, the fee is collected at a rate of 1/300th of one percent.

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