Financial groups push SEC pay raise bill

A number of investment firms and financial organizations are petitioning House Speaker Dennis Hastert, R-Ill., to bring to the floor legislation that would boost salaries for employees of the Securities and Exchange Commission and reduce the fees investors must pay to the SEC.

The Securities Industry Association and the Financial Services Roundtable--along with the New York Stock Exchange, Goldman, Sachs & Co., Merrill Lynch & Co., and Morgan Stanley, among others--have sent a letter to Hastert urging him to bring the measure to the House floor "in the very near future."

The signers of the letter added: "We cannot overemphasize our strong support for both provisions of this legislation. The securities industry strongly supports pay parity for SEC employees and believes this remains an important component of fee-reduction legislation. The securities industry, the markets, and investors benefit from professional and experienced regulators who can help to ensure that the markets function fairly and efficiently."

A disagreement between House Financial Services Committee Chairman Michael Oxley, R-Ohio, and House Government Reform Committee Chairman Dan Burton, R-Ind., over the scope of the SEC pay increase has prevented the bill from reaching the floor.

The Senate already has approved a similar measure.