A bill to amend the Securities Exchange Act of 1934.

Revises the provision of the Securities Exchange Act which prohibits State taxation on changes in beneficial or record ownership of securities.

Revises the term " appropriate regulatory agency" in the Securities Exchange Act, when used with respect to a participant or applicant to become a participant in a clearing agency or to a person requesting or having access to services offered by a clearing agency.

Authorizes the Securities and Exchange Commission to make and enter into contracts as necessary to achieve its purpose.