115 STAT. 2398 PUBLIC LAW 107-123^JAN. 16, 2002 "CHAPTER 48—AGENCY PERSONNEL DEMONSTRATION PROJECT "Sec. "4801. Nonapplicability of chapter 47. "4802. Securities and Exchange Commission. "§ 4801. Nonapplicability of chapter 47 "Chapter 47 shall not apply to this chapter.
- § 4802. Securities and Exchange Commission
"(a) In this section, the term 'Commission' means the Securities and Exchange Commission. "(b) The Commission may appoint and fix the compensation of such officers, attorneys, economists, examiners, and other employees as may be necessary for carrying out its functions under the securities laws as defined under section 3 of the Securities Exchange Act of 1934 (15 U.S.C. 78c). "(c) Rates of basic pay for all employees of the Commission may be set and adjusted by the Commission without regard to the provisions of chapter 51 or subchapter III of chapter 53. "(d) The Commission may provide additional compensation and benefits to employees of the Commission if the same type of compensation or benefits are then being provided by any agency referred to under section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b) or, if not then being provided, could be provided by such an agency under applicable provisions of law, rule, or regulation. In setting and adjusting the total amount of compensation and benefits for employees, the Commission shall consult with, and seek to maintain comparability with, the agencies referred to under section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b). "(e) The Commission shall consult with the Office of Personnel Management in the implementation of this section. "(f) This section shall be administered consistent with merit system principles.". 5 USC 4802 note. (b) EMPLOYEES REPRESENTED BY LABOR ORGANIZATIONS.— To the extent that any employee of the Securities and Exchange Commission is represented by a labor organization with exclusive recognition in accordance with chapter 71 of title 5, United States Code, no reduction in base pay of such employee shall be made by reason of enactment of this section (including the amendments made by this section). 5 USC 4802 note. (c) IMPLEMENTATION PLAN AND REPORT. — (1) IMPLEMENTATION PLAN. — (A) IN GENERAL.— The Securities and Exchange Commission shall develop a plan to implement section 4802 of title 5, United States Code, as added by this section. (B) INCLUSION IN ANNUAL PERFORMANCE PLAN AND REPORT. —The Securities and Exchange Commission shall include— (i) the plan developed under this paragraph in the annual program performance plan submitted under section 1115 of title 31, United States Code; and
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