SEC pay raise bill again on tap for House vote

After a series of false starts, legislation to raise the pay of employees at the Securities and Exchange Commission and reduce the fees investors pay to the SEC is again on tap for a House vote Thursday. A spokeswoman for House Financial Services Chairman Michael Oxley, R-Ohio, one of the bill's managers, said Monday that prospects look "great" for the legislation. "There've been stops and starts with this bill, but I think it's finally coming together," she added. The spokeswoman would not discuss whether Oxley and other interested parties had reached agreement on the legislation, or what the details of such an arrangement might include. House Majority Leader Dick Armey, R-Texas, said he expects the House will pass SEC fees legislation when it reaches the floor, and predicted a "quick conference with the Senate." Armey said the bill would, in effect, provide $14 billion in tax relief on the fees that investors pay on transactions. "This bill I think is going to have [a] tremendous effect on the economy," he said. House Government Reform Chairman Dan Burton, R-Ind., has contested an aspect of the legislation raising the salaries of SEC employees. He said the agency has not made its case for an across-the-board hike, and he warned that other agencies would follow suit. Burton has told House Speaker Dennis Hastert, R-Ill., he would object to the legislation if it included the pay element. The bill was to have been voted on last week but was delayed after Burton was called out of town on family business. Burton's spokesman said Monday that he was not aware of any new developments.