Section 991 — Securities and Exchange Commission Match Funding
SEC. 991. SECURITIES AND EXCHANGE COMMISSION MATCH FUNDING.
(a) Match Funding Authority.--
(1) Amendments.--Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended--
(A) by striking subsection (a) and inserting the following:
"(a) Recovery of Costs of Annual Appropriation.--<<NOTE: Fees. Assessments.>> The Commission shall, in accordance with this section, collect transaction fees and assessments that are designed to recover the costs to the Government of the annual appropriation to the Commission by Congress.";
(B) in subsection (e)(2), by striking "September 30" and inserting "September 25";
(C) in subsection (g), by striking "April 30 of the fiscal year preceding the fiscal year to which such rate applies" and inserting "30 days after the date on which an Act making a regular appropriation to the Commission for such fiscal year is enacted";
(D) by striking subsection (j) and inserting the following:
"(j) Adjustments to Fee Rates.--
"(1) Annual adjustment.--Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall by order adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the baseline estimate of the aggregate dollar amount of sales for such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including
assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year.
"(2) Mid-year adjustment.--<<NOTE: Determination. Deadline.>> Subject to subsections (i)(1)(B) and (k), for each fiscal year, the Commission shall determine, by March 1 of such fiscal year, whether, based on the actual aggregate dollar volume of sales during the first 5 months of such fiscal year, the baseline estimate of the aggregate dollar volume of sales used under paragraph (1) for such fiscal year is reasonably likely to be 10 percent (or more) greater or less than the actual aggregate dollar volume of sales for such fiscal year. <<NOTE: Order. Deadline.>> If the
Commission so determines, the Commission shall by order, no later than March 1, adjust each of the rates applicable under subsections (b) and (c) for such fiscal year to a uniform adjusted rate that, when applied to the revised estimate of the aggregate dollar amount of sales for the remainder of such fiscal year, is reasonably likely to produce aggregate fee collections under this section (including fees collected during
such five-month period and assessments collected under subsection (d) of this section) that are equal to the regular appropriation to the Commission by Congress for such fiscal year. In making such revised estimate, the Commission shall, after consultation with the Congressional Budget Office and the Office of Management and Budget, use the same methodology required by subsection (l).
"(3) Review.--In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (1) or (2) and published under subsection (g) shall not be subject to judicial review.
"(4) Effective date.--
"(A) Annual adjustment.--Subject to subsections (i)(1)(B) and (k), an adjusted rate prescribed under paragraph (1) shall take effect on the later of--
"(i) the first day of the fiscal year to which such rate applies; or
"(ii) 60 days after the date on which an Act making a regular appropriation to the Commission
for such fiscal year is enacted.
"(B) Mid-year adjustment.--An adjusted rate prescribed under paragraph (2) shall take effect on April 1 of the fiscal year to which such rate applies.";
(E) in subsection (k), by striking "30 days" and inserting "60 days"; and
(F) in subsection (l), by striking "Definitions.-- " and all that follows through "sales.--The baseline" and inserting "Baseline Estimate of the Aggregate Dollar Amount of Sales.--The baseline".
(2) <<NOTE: 15 USC 78ee.>> Effective date.--The amendments made by this subsection shall take effect on the later of--
(A) October 1, 2011; or
(B) the date of enactment of an Act making a regular appropriation to the Commission for fiscal year 2012.
(b) Amendments to Registration Fee Provisions.--
(1) Section 6(b) of the securities act of 1933.--Section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) is
amended--
(A) by striking "offsetting" each place that term appears and inserting "fee";
(B) by striking paragraphs (1), (3), (4), (6), (8), and (9);
(C) by redesignating paragraph (2) as paragraph (1);
(D) by redesignating paragraph (5) as paragraph (2);
(E) by redesignating paragraph (7) as paragraph (3);
(F) by redesignating paragraph (10) as paragraph (5);
(G) by redesignating paragraph (11) as paragraph (6);
(H) in paragraph (1), as so redesignated, by striking "paragraph (5) or (6)." and inserting
"paragraph (2).";
(I) in paragraph (2), as so redesignated--
(i) by striking "of the fiscal years 2003 through 2011" and inserting "fiscal year"; and
(ii) by striking "paragraph (2)" and inserting "paragraph (1)";
(J) by inserting after paragraph (3), as so redesignated, the following:
"(4) Review and effective date.--In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (2) and published under paragraph (5) shall not be subject to judicial review. An adjusted rate prescribed under paragraph (2) shall take effect on the first day of the fiscal year to which such rate applies.";
(K) in paragraph (5), as redesignated, by striking "April 30" and inserting "August 31";
(L) in paragraph (6), as so redesignated--
(i) by striking "of the fiscal years 2002 through 2011" and inserting "fiscal year"; and
(ii) by inserting at the end of the table in subparagraph (A) the following:
"2012................$425,000,000
2013..................$455,000,000
2014..................$485,000,000
2015..................$515,000,000
2016..................$550,000,000
2017..................$585,000,000
2018..................$620,000,000
2019..................$660,000,000
2020..................$705,000,000
2021 and each fiscal yAn amount that is equal to the target fee thereafter. collection amount for the prior fiscal year, adjusted by the rate of inflation.".
(2) Section 13(e) of the securities exchange act of 1934.-- Section 13(e) of the Securities Exchange Act of 1934 (15 U.S.C. 78m(e)) is amended--
(A) in paragraph (3), by striking "paragraphs (5) and (6)" and inserting "paragraph (4)";
(B) by striking paragraphs (4), (5), and (6);
(C) by inserting after paragraph (3) the following:
"(4) Annual adjustment.--For each fiscal year, the Commission shall by order adjust the rate required by paragraph (3) for such fiscal year to a rate that is equal to the rate (expressed in dollars per million) that is applicable under section 6(b) of the Securities Act of 1933 for such fiscal year.
"(5) Fee collections.--Fees collected pursuant to this subsection for fiscal year 2012 and each fiscal year thereafter shall be deposited and credited as general revenue of the Treasury and shall not be available for obligation.
"(6) Effective date; publication.--In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (4) shall be published and take effect in accordance with section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b))."; and
(D) by striking paragraphs (8), (9), and (10).
(3) Section 14(g) of the securities exchange act of 1934.-- Section 14(g) of the Securities Exchange Act of 1934 (15 U.S.C. 78n(g)) is amended--
(A) in paragraph (1), by striking "paragraphs (5) and (6)" each time that term appears and inserting "paragraph (4)";
(B) in paragraph (3), by striking "paragraphs (5) and (6)" and inserting "paragraph (4)";
(C) by striking paragraphs (4), (5), and (6);
(D) by inserting after paragraph (3) the following:
"(4) <<NOTE: Order.>> Annual adjustment.--For each fiscal year, the Commission shall by order adjust the rate required by paragraphs (1) and (3) for such fiscal year to a rate that is equal to the rate (expressed in dollars per million) that is applicable under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) for such fiscal year.
"(5) Fee collection.--Fees collected pursuant to this subsection for fiscal year 2012 and each fiscal year thereafter shall be deposited and credited as general revenue of the Treasury and shall not be available for obligation.
"(6) Review; effective date; publication.--In exercising its authority under this subsection, the Commission shall not be required to comply with the provisions of section 553 of title 5, United States Code. An adjusted rate prescribed under paragraph (4) shall be published and take effect in accordance with section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)).";
(E) by striking paragraphs (8), (9), and (10); and
(F) by redesignating paragraph (11) as paragraph (8).
(4) Effective date.-- <<NOTE: Publication. 15 USC 77f note.>> The amendments made by this subsection shall take effect on October 1, 2011, except that for fiscal year 2012, the Commission shall publish the rate established under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)), as amended by this Act, on August 31, 2011.
(c) Authorization of Appropriations.--Section 35 of the Securities Exchange Act of 1934 (15 U.S.C. 78kk) is amended to read as follows:
"SEC. 35. AUTHORIZATION OF APPROPRIATIONS.
"In addition to any other funds authorized to be appropriated to the Commission, there are authorized to be appropriated to carry out the functions, powers, and duties of the Commission--
"(1) for fiscal year 2011, $1,300,000,000;
"(2) for fiscal year 2012, $1,500,000,000;
"(3) for fiscal year 2013, $1,750,000,000;
"(4) for fiscal year 2014, $2,000,000,000; and
"(5) for fiscal year 2015, $2,250,000,000.".
(d) Transmittal of Budget Requests.--
(1) Amendment.--Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended by adding at the end the following:
"(m) Transmittal of Commission Budget Requests.--
"(1) Budget required.--For fiscal year 2012, and each fiscal year thereafter, the Commission shall prepare and submit a budget to the President. Whenever the Commission submits a budget estimate or request to the President or the Office of Management and Budget, the Commission shall concurrently transmit copies of the estimate or request to the Committee on Appropriations of the Senate, the Committee on Appropriations of
the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial
Services of the House of Representatives.
"(2) Submission to congress.--The President shall submit each budget submitted under paragraph (1) to Congress, in unaltered form, together with the annual budget for the Administration submitted by the President.
"(3) Contents.--The Commission shall include in each budget submitted under paragraph (1)--
"(A) an itemization of the amount of funds necessary to carry out the functions of the Commission.
"(B) an amount to be designated as contingency funding to be used by the Commission to address unanticipated needs; and
"(C) a designation of any activities of the Commission for which multi-year budget authority would be suitable.".
(2) <<NOTE: 15 USC 78ee note.>> Budget of the president.-- For fiscal year 2012, and each fiscal year thereafter, the annual budget for the Administration submitted by the President to Congress shall reflect the amendments made by this section.
(e) Securities and Exchange Commission Reserve Fund.--
(1) Amendment.--Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by this Act, is amended by adding at the end the following:
"(i) Securities and Exchange Commission Reserve Fund.--
"(1) Reserve fund established.--There is established in the Treasury of the United States a separate fund, to be known as the `Securities and Exchange Commission Reserve Fund' (referred to in this subsection as the `Reserve Fund').
"(2) Reserve fund amounts.--
"(A) In general.--Except as provided in subparagraph (B), any registration fees collected by the Commission under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act of 1940 (15 U.S.C. 80a-24(f)) shall be deposited into the Reserve Fund.
"(B) Limitations.--For any 1 fiscal year--
"(i) the amount deposited in the Fund may not exceed $50,000,000; and
"(ii) the balance in the Fund may not exceed $100,000,000.
"(C) Excess fees.--Any amounts in excess of the limitations described in subparagraph (B) that the Commission collects from registration fees under section 6(b) of the Securities Act of 1933 (15 U.S.C. 77f(b)) or section 24(f) of the Investment Company Act of 1940 (15 U.S.C. 80a-24(f)) shall be deposited in the General Fund of the Treasury of the United States and shall not be
available for obligation by the Commission.
"(3) Use of amounts in reserve fund.--The Commission may obligate amounts in the Reserve Fund, not to exceed a total of
$100,000,000 in any 1 fiscal year, as the Commission determines is necessary to carry out the functions of the Commission. Any
amounts in the reserve fund shall remain available until expended. <<NOTE: Deadline. Notification.>> Not later than 10 days after the date on which the Commission obligates amounts under this paragraph, the Commission shall notify Congress of the date, amount, and purpose of the obligation.
"(4) Rule of construction.--Amounts collected and deposited in the Reserve Fund shall not be construed to be Government funds or appropriated monies and shall not be subject to apportionment for the purpose of chapter 15 of title 31, United States Code, or under any other authority.".
(2) <<NOTE: 15 USC 78d note.>> Effective date.--The amendment made by this subsection shall take effect on October 1, 2011.