Sec. 401 Funding authority of the Commission
Commodity Futures Trading Commission— Section 12 of the Commodity Exchange Act (7 U.S.C. 16) is amended—
in subsection (b)(1), by striking “and as may be from time to time appropriated for by Congress”;
by striking subsection (d); and
in subsection (f)(3), by striking “Any payment or reimbursement accepted shall be considered a reimbursement to the appropriated funds of the Commission.” and inserting “Such payments or reimbursements shall be available to the Commission without further appropriation.”.
Securities and Exchange Commission— Section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) is amended—
in subsection (a)—
in the heading for such subsection, by striking “Recovery of Costs of Annual Appropriation” and inserting “In general”; and
by striking “recover the costs to the Government of the annual appropriation to the Commission by Congress” and inserting “cover the costs to the Commission for the supervision and regulation of securities markets and securities professionals, and use such fees and assessments without further appropriation”;
by striking subsection (i);
in subsection (j)—
by striking “regular appropriation to the Commission by Congress” each place such term appears and inserting “target offsetting collection amount”; and
by amending paragraph (4)(A) to read as follows:
“(A) Annual adjustment—An adjusted rate prescribed under paragraph (1) shall take effect on the first day of the fiscal year to which such rate applies.”
by striking subsection (k).