1. Short title This Act may be cited as the Protecting Retirement Savers and Everyday Investors Act . 2. Findings Congress finds the following: (1) The United States capital markets are sophisticated, complex, diverse, and highly interconnected interstate marketplaces that effect and process millions of trades daily for the benefit of individual and institutional investors throughout the United States, including the retirement accounts of union members, pensioners, teachers, policemen, firemen, first responders, and other working Americans, as well as the endowments of colleges and universities and charitable organizations. (2) The United States capital markets are the deepest, most liquid markets in the world in large measure because of the low transaction costs that investors pay to trade securities. (3) Under the Federal securities laws, the Securities and Exchange Commission serves as the primary supervisor and regulator of the United States capital markets (with the assistance of other Federal regulators), while under State securities laws, State regulators serve a secondary function of helping to protect investors with respect to securities offered and sold within their States. (4) Also pursuant to the Federal securities laws, Congress directs the Securities and Exchange Commission to assess transaction fees upon the United States capital markets that are designed to recover the Commission’s costs of supervising and regulating the United States capital markets. (5) Some States have proposed taxes and fees that are based on securities transactions and processing activity related thereto from investors from other States and would raise costs for all United States investors, even investors outside of the States levying the taxes and fees. 3. Limitation on taxation and fees on transactions by certain securities industry participants (a) In general The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following new title: XVII LIMITATION ON TAXATION AND FEES ON