Legislation has been proposed that would authorize the Securities and Exchange Commission to levy fees on investment advisors in order to pay for more diligent oversight of those registered as advisors.

The legislation, drafted by Rep. Maxine Waters, D-Calif., is an alternative to legislation that would shift oversight of investment advisors to a self-regulatory organization, presumably one run by the Financial Institution Regulatory Authority.

The bill is seen as a surrogate to the Investment Advisor Oversight act of 2012, H.R. 4624. That bill was sponsored by Rep. Spencer Bachus, R-Ala., chairman of the House Financial Services Committee and Rep. Carolyn McCarthy, D-N.Y.

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