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Once Again, Section 31 Reform Fails

Traders Magazine, November 2002

Gregory Bresiger

The lameduck Congress went home without approving the new Securities and Exchange Commission budget. And that means the higher than needed Section 31(a) rate stays in place at least for a few more months. "Republicans think they can do a better job so they decided to wait until they took control of Congress is January. No one will be taking any action at least until then," according to a staff source in the House Financial Services Committee. "This is disappointing," added one securities industry lobbyist. "We're waiting for Congress to get its act together."

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