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SENIOR US House law-makers have asked both the Securities and Exchange Commission and the General Accounting Office for reports on the SEC's progress to implement GAO recommendations to protect the increasing number of investors buying and selling stock via the Internet.
The reports are due May 2001, at which time "we hope these important matters are largely resolved," the law-makers said.
The law-makers, all Democrats on the House Commerce Committee, said they are "encouraged" by the actions federal securities regulators have taken to address shortcomings in the current investor-protection safety net.
Reps. John Dingell of Michigan, Edward Markey of Massachusetts, Ron Klink of Pennsylvania and Edolphus Towns of New York made their request and remarks in a letter on to SEC Chairman, Mr Arthur Levitt …