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Washington, D.C.-President Colleen M. Kelley of the National Treasury Employees Union (NTEU) today applauded action by the Senate Banking Committee approving legislation that could lead to levels of pay for employees of the Securities & Exchange Commission in line with employees of other federal regulatory agencies with similar responsibilities. She urged quick passage of S. 143 by the full Senate.

Kelley said the legislation, the Competitive Market Supervision Act of 2001, would help ease a critical employee turnover problem at this key regulatory agency. "Every SEC employee I have spoken with," Kelley said in a letter sent to Banking Committee members prior to the vote, "tells me one thing-they take great pride in their work, but they are well aware that their pay and benefits lag significantly behind the levels set by the private market."

At the SEC, where NTEU represents some 1,800 employees, turnover of accountants, attorneys and other professionals is more than triple the rate at similar government agencies.

Kelley said that while NTEU is grateful the Banking Committee acted on NTEU's request for prompt action on the bill, that is only one step toward enactment and that NTEU intends to work hard to secure passage of this legislation. S. 143 "can go a long way" toward offering a remedy for this "most costly situation," she said.

NTEU is the largest independent federal union, representing some 150,000 employees in 25 agencies and departments.