Industry trade groups and consumer advocates opposed to House Financial Services Committee Chairman Spencer Bachus' bill calling for a self-regulatory organization to oversee advisors had their hopes quashed on Wednesday that the Securities and Exchange Commission would receive a boost in funding in order to thwart an SRO.
During a hearing on Wednesday to discuss Bachus' bill, H.R. 4624, the co-sponsor of the bill, Rep. Carolyn McCarthy, D-N.Y., stated frankly: "Would I like to get more money for the SEC? Yes, I would. But we are not going to get the money for the SEC; it's not going to happen."
However, Rep. Maxine Waters, D-Calif., stated at the hearing that she is drafting legislation that would allow the SEC to collect user fees to help fund advisor exams.
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