Securities firms push SEC pay raise

The Security Traders Association, a group of financial investment businesses and associations, last week urged Senate Majority Leader Tom Daschle, D-S.D., to take up legislation to provide a pay raise for Securities and Exchange Commission employees and reduce fees charged by the agency.

The Senate bill is substantially similar to the House version passed June 14.

The group argued the legislation reduces excessive fees collected by the SEC and authorizes pay parity between SEC employees and employees of federal banking regulators.

"We cannot overemphasize our strong support for both provisions of this legislation," the associations wrote in a joint letter to Daschle. "Maintaining and enhancing the quality of SEC staff will contribute to maintaining the integrity and strength of our markets."

The letter was signed by 26 organization members, such as the American Stock Exchange; Nasdaq Stock Market; Goldman, Sachs & Co.; and Merrill Lynch & Co.