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April 1, 2000

Section 31 Bills

By William Hoffman

Three Congressional bills would put a lid on Section 31 fees.

Senator Phil Gramm's S. 2107 would cap total Section 31 fee collections on a sliding scale, from $413 million in fiscal 2001 to $884 million in fiscal 2010 and thereafter. That's a formula slightly less generous than New York GOP Rep. Vito Fossella's H.R. 1256.

H.R. 2441, by New York Republican Rep. Rick Lazio, would reduce the fee from its current 1/300th of 1 percent on the value of transactions, to 1/500th of 1 percent.