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Citing the Securities and Exchange Commission’s “abysmal examination record” on investment advisors, Rep. Maxine Waters, D-California, has called for a hearing to consider “various legislative proposals” to boost the number of advisor exams.

One of the proposals that Waters, ranking member on the House Financial Services Committee, said should be considered is H.R. 1627, the Investment Adviser Examination Improvement Act, authored by Waters and Rep. John Delaney, D-Maryland.

Waters’ bill, which has been co-sponsored by 17 of the 28 Democrats on the committee and would authorize the SEC to collect user fees from advisors to improve examination frequency, has been languishing in the House since she reintroduced it last April.

Waters noted that her bill has been endorsed by the SEC’s Investor Advisory Committee, the advisor community and investor advocates.

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