Fiduciary360 (fi360), a resource for investment fiduciary education, announced its opposition Monday to elements of a new bill drafted by a GOP House member that would authorize one or more self-regulatory organizations (SROs) to oversee registered investment advisors.

Congressman Spencer Bachus, R-Ala., Chairman of the House Financial Services Committee provides for the possibility of establishing one or more SROs for advisors.

The House Financial Services Subcommittee is scheduled to hold a hearing on investment advisor oversight on Tuesday. The meeting follows a Securities and Exchange Commission report recommending an SRO as an option to fix the commission's inabililty to review investment advisors at a sufficient pace.

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