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Shame on Street for Section 31 Reform?

Traders Magazine, February 2004

Peter Chapman

Section 31 reform legislation, which reduced transaction fees, was a penny wise and a pound foolish because it resulted in SEC underfunding, according to Rep. Paul Kanjorski (D-Pa.). That was followed by massive Wall Street scandals, he added. Kanjorski, who sat on the key committee that reviewed the Section 31 legislation, ripped the securities industry for its part in the tax-cutting measure.

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