Backed by the trading community, House Rules Committee Chairman Gerald Solomon (R-N.Y.) is lining up support for his bill on Section 31 transaction fees. In the waning days of the current session of Congress, Solomon engaged House Commerce Committee Chairman Thomas Bliley (R-Va.) in dialogue about the fees on the House floor. The bill, H.R. 4213 co-sponsored by Rep. Robert Menendez (D-N.J.), seeks to cap the total amount of fees the Securities and Exchange Commission can accumulate on the sale of stocks. Earlier, Solomon presented his case to a Republican outfit known as the Conservative Action Team.
Another bill, sponsored by Rep. Michael Forbes (R-N.Y.) would seek to slash the level of Section 31. In an interview, he said the bill is of significant importance to the trading community in his congressional district.
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