Scott Evan, executive vice president-equity investments at TIAA-CREF, testified Wednesday in support of a proposal to reduce the fees the SEC charges to investors on securities transactions. Speaking before the House subcommittee on capital markets, Mr. Evans testified that TIAA-CREF, which has $285 billion in assets, "paid over $1.1 million in SEC fees assessed on securities transactions last year. "In addition, we have paid more than $3.6 million to register securities issued by the TIAA-CREF group of companies over the past five years. These fees represent a tax to our clients, reducing the funds available to meet their savings and retirement goals.
Saying TIAA-CREF supports user fees, he testified, "the amount assessed is disproportionate to the SECs spending needs. In fiscal 2001, the SEC is expected to collect $2.47 billion in fees more than five times the $423 million that is appropriated for the SECs operating needs.