Lawmaker seeks Senate action on House SEC pay bill

Flush with victory, House Financial Services Chairman Michael Oxley, R-Ohio, said he hoped the chamber's overwhelming, bipartisan vote in favor of securities-fee reduction legislation and a pay raise for SEC employees Thursday would prompt the Senate to take up and pass the House bill "as soon as possible." The Senate approved a similar SEC fee reduction bill by voice vote earlier this year. Oxley said Sen. Charles Schumer, D-N.Y.-- one of the Senate bill's chief sponsors--told him he hoped the Senate would vote on the House-passed measure, thereby avoiding the need for a conference committee. However, Senate Banking Chairman Paul Sarbanes, D-Md., has not yet declared his intentions. The bill is expected to save certain market participants about $14 billion over 10 years. Oxley indicated he was confident that President Bush would sign the legislation when it reached his desk.