The House Financial Services Committee will hold a hearing on either June 6 or 7 on proposed legislation that would establish a self-regulatory organization (SRO) for investment advisors. The legislation is being pushed by Rep. Spencer Bachus, R-Ala., chairman of the committee. According to Investment News, a markup of the bill by the committee is likely by the end of June. He and Rep. Carolyn McCarthy, D-N.Y., are sponsoring the bill. The bill is likely to be reported out by the Financial Services Committee, but unlikely to win support in the Senate even though it may be approved by the full House as well. In announcing that he was introducing the bill, Bachus said that the average SEC-registered investment advisor can expect to be examined less than once every 11 years. Read LifeHealthPro report here.
