Page:United States Statutes at Large Volume 115 Part 3.djvu/326

 115 STAT. 2400 PUBLIC LAW 107-123—JAN. 16, 2002 such compensation and benefits and shall seek to maintain comparability with such agencies regarding compensation and benefits.". (3) AMENDMENT TO FIRREA OF 1989.—Section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b) is amended by striking "the Thrift Depositor Protection Oversight Board of the Resolution Trust Corporation". 15 USC 78ee SEC. 9. STUDY OF THE EFFECT OF FEE REDUCTIONS. (a) STUDY.—The Office of Economic Analysis of the Securities and Exchange Commission (hereinafter referred to as the "Office") shall conduct a study of the extent to which the benefits of reductions in fees effected as a result of this Act are passed on to investors. (b) FACTORS FOR CONSIDERATION.—In conducting the study under subsection (a), the OfRce shall— (1) consider the various elements of the securities industry directly and indirectly benefiting from the fee reductions, including purchasers and sellers of securities, members of national securities exchanges, issuers, broker-dealers, underwriters, participants in investment companies, retirement programs, and others; (2) consider the impact on different types of investors, such as individual equity holders, individual investment company shareholders, businesses, and other types of investors; (3) include in the interpretation of the term "investor" shareholders of entities subject to the fee reductions; and (4) consider the economic benefits to investors flowing from the fee reductions to include such factors as market efficiency, expansion of investment opportunities, and enhanced liquidity and capital formation. Deadline. (c) REPORT TO CONGRESS.— Not later than 2 years after the date of the enactment of this Act, the Securities and Exchange Commission shall submit to the Congress the report prepared by the Office on the findings of the study conducted under subsection (a). SEC. 10. STUDY OF CONVERSION TO SELF-FUNDING. (a) GAO STUDY REQUIRED. —The Comptroller General shall conduct a study of the impact, implications, and consequences of converting the Securities and Exchange Commission to a self-funded basis. Such study shall include analysis of the following issues: (1) SEC OPERATIONS. — The impact of such conversion on the Commission's operations, including staff quality, recruitment, and retention. (2) CONGRESSIONAL OVERSIGHT.— The implications for congressional oversight of the Commission, including whether imposing annual expenditure limitations would be beneficial to such oversight. (3) FEES.— The likely consequences of the conversion on the rates, collection procedures, and predictability of fees collected by the Commission. (4) APPROPRIATIONS. — The methods by which the conversion may be accomplished without reducing the availability of offsetting collections for appropriations. (5) OTHER MATTERS.— Such other impacts, implications, and consequences as the Comptroller General may consider relevant

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