As expected, Rep. Jeb Hensarling, R-Texas, was elected Wednesday as Chairman of the House Financial Services Committee for the 113th Congress.

Hensarling will take over the reins in January, replacing Rep. Spencer Bachus, R-Ala., who had to step down due to term limits.

While industry officials say Hensarling isn't too keen on the bill Bachus introduced this year calling for a self-regulatory organization for advisors, Karen Nystrom, head of public policy and advocacy for the National Association of Personal Financial Advisors (NAPFA), said recently that the Financial Planning Coalition is still maneuvering to thwart passage of any SRO bill next year. Nystrom said that the Coalition wants to ensure a "bipartisan bill" originates in the Senate allowing the SEC to collect user fees from advisors to fund their exams "as it has a better chance of passing in the House."

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Melanie Waddell

Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2023. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.